ITAT Kolkata deletes Rs.8.5 lakh addition for cash gift against Abdus Sattar. Tribunal ruled that the donor’s capacity must be judged by his balance sheet, not just current income, reversing the CIT(A)’s finding.
ITAT Kolkata deletes Rs.50 lakh addition for excess stock found during survey, ruling the AO failed to point out defects or reject audited books. Assessee had already accounted for the stock and paid advance tax.
ITAT Kolkata partially allows appeal for Sukumar Solvent, slashing additions. Tribunal ruled only the 12% profit margin on excess stock is taxable and that TDS on freight is not required if PAN is provided by the transporter.
ITAT Kolkata deletes S. 270A penalty on St. Peters School for disallowed depreciation. Tribunal ruled the incorrect claim was a bona fide clerical error, not misreporting, citing the Reliance Petro and Price Water House SC judgments.
ITAT Kolkata deletes Rs.19.37 lakh disallowance of Service Tax against Space Out of Home. Tribunal found the AY 2018-19 portion was paid in time and the balance was pending appeal before the CGST authority.
ITAT Kolkata reduces Rs.31.78 lakh addition for excess stock found during a survey. Tribunal rules that since the stock was business income, only the profit element, fixed at 12%, is taxable.
ITAT Kolkata allows Durgapur Education Society’s appeal, remanding the case to the CIT(A) for fresh consideration. The Tribunal condoned a 369-day delay and ordered examination of the society’s S. 12A exemption claim and its retrospective application for AY 2015-16.
ITAT Kolkata partially reverses CPC’s Rs.6.56 lakh disallowance for Payal Enterprise. S. 38 of EPF Scheme means due date is 15 days from salary payment month, not due month, making certain payments timely.
ITAT Kolkata quashes assessment for Lily Sarkar (AY 2011-12), ruling that the S. 148 notice issued to the deceased assessee was invalid. Consequential proceedings were void as per S. 159 and judicial precedents.
ITAT Kolkata quashes S. 271(1)(c) penalty against Baidya Nath Dey (AY 2011-12). Penalty notice invalid as the AO failed to strike off the irrelevant limb, a defect confirmed by the Calcutta High Court.
