Discover the details of the ITAT Kolkata ruling in the case of India Industrial Mission Vs DCIT regarding the delay in filing Form 10B and the implications for exemption under Section 11 of the Income-tax Act.
ITAT Kolkata held that making the addition for under valuation of closing stock for not adding making charges specifically for the year under appeal cannot be held to be justified unless and until corresponding adjustment is made for the opening stock. Accordingly, addition deleted.
Analysis of Jigna Chetan Mehta Vs ACIT case about the validity of assessment proceedings in absence of a proper notice under section 143(2) of IT Act.
In the case of Durga Signal Infra Pvt. Ltd. vs ACIT, ITAT Kolkata rules that there should be no disallowance made under Section 37(1) of the Income Tax Act for site expenses incurred for railway business. Learn about the case, its analysis, and conclusion.
Detailed analysis of the ITAT Kolkata ruling in favor of Kippy Engineering Pvt Ltd, where the tribunal deleted an addition made from losses in derivative trading adjusted with business income.
ITAT noted that Interest income was earned on NSC, fixed deposit/certificate of bank as a result of a mandatory business requirement as per the West Bengal Cooperative Societies Act. Therefore, the interest earned from these deposits was indeed a business income, making it eligible for deduction under Section 80P(2)(a)(i).
In the recent case of Sandhya Agarwal Vs ACIT, ITAT Kolkata orders re-adjudication due to a mismatch between contract receipts in Form 26AS and Income Tax Return.
ITAT Kolkata held that addition under section 68 of the Income Tax Act unsustainable as identity of loan creditor proved along with creditworthiness of the transaction.
ITAT Kolkata held that addition towards unexplained cash credit u/s 69A of the Income Tax Act untenable as cash deposited during the demonetization period duly explained.
ITAT Kolkata held that that law declared by a court will have retrospective effect, if not otherwise stated to be so specifically. It is also well settled proposition that whenever, a previous decision is overruled by a larger bench of the Supreme Court, the previous decision is completely wiped out.
