The Income Tax Appellate Tribunal (ITAT) Kolkata allowed QLAR India Pvt. Ltd.’s appeal, ruling that the Assessing Officer’s disallowance of warranty provisions through rectification proceedings under Section 154 was invalid
ITAT Kolkata deletes tax additions on share capital and premium. The tribunal rules the company proved the genuineness and source of funds from a group company.
The Income Tax Appellate Tribunal (ITAT) Kolkata ruled that an assessment framed by the AO without a mandatory Section 143(2) notice is invalid.
The ITAT Kolkata bench restored an appeal, ruling that an appeal cannot be mechanically dismissed under Section 249(4)(b) and that natural justice demands a fair hearing.
ITAT Kolkata ruled that the assessee’s double addition in the tax audit was a genuine error, dismissing Revenue’s appeal for AY 2021-22.
The ITAT Kolkata quashed a penalty on a taxpayer, ruling that a one-time settlement from an employer was a capital receipt. The court held that no concealment of income occurred as the amount was disclosed in the tax return.
The ITAT Kolkata dismisses the Revenue’s appeal, ruling that a ₹1.59 crore addition for alleged bogus sales was unfounded, as the company provided substantial evidence including e-way bills and bank statements.
The ITAT dismisses a tax addition on Hitesh Trading Company, finding the Assessing Officer’s estimation of a higher gross profit was arbitrary and lacked legal justification.
ITAT deleted an addition of ₹3.80 lakh made towards leave encashment under Section 43B, ruling that the Commissioner of Principal Commissioner (CPC) had no jurisdiction to make the addition.
Flywire Payments Corporation wins ITAT Kolkata appeal; payments from Muthoot Forex not considered royalty. Tribunal directs verification of US tax returns.
