The ITAT held that the assessment was invalid because the mandatory notice under Section 143(2) was not issued by the Assessing Officer having jurisdiction. The appeal was allowed on the legal ground.
ITAT Kolkata held that the Assessing Officer was required to refer the property valuation to the DVO when the assessee disputed the value under Section 50C(2). The assessment was remanded for fresh adjudication after complying with the statutory provision.
The ITAT Kolkata held that foreign tax credit cannot be denied merely because Form 67 was filed after the prescribed due date. It ruled that the filing requirement is procedural and does not extinguish the substantive claim.
ITAT Kolkata held that appellate authority should have awaited outcome of pending condonation application before deciding exemption claim. Matter was remanded for fresh adjudication after considering competent authority’s decision.
ITAT Kolkata held that once a scrutiny notice under Section 143(2) is issued, CPC cannot process the return under Section 143(1) and quashed the intimation.
The ITAT Kolkata held that the reassessment was invalid because the statutory notice under Section 143(2) was issued by an Assessing Officer lacking pecuniary jurisdiction. Having quashed the reassessment on jurisdictional grounds, the Tribunal did not examine the merits of the Section 68 addition.
The ITAT held that relying on tally data and a forensic report without providing them to the assessee violated principles of natural justice. The matter was remanded to the Assessing Officer while retaining the commission rate at 0.15%.
The ITAT Kolkata held that reassessment completed without issuing the mandatory notice under Section 143(2) was a nullity in law. Since the original assessment was invalid, the revisionary proceedings under Section 263 could not be sustained. The appeal of the assessee was allowed.
The ITAT held that the Assessing Officer must comply with the mandatory provisions of Section 50C(2) before adopting the stamp duty value. The matter was remanded for obtaining the DVO’s valuation report and fresh adjudication.
The ITAT Kolkata held that electricity supplied by captive power plants should be benchmarked using the tariff charged by State Electricity Boards to industrial consumers for computing deduction under Section 80-IA. It upheld deletion of the transfer pricing adjustment by following Supreme Court and Calcutta High Court rulings.
