The ITAT ruled that a tax addition under Section 56(2)(x) cannot be made solely on stamp duty value. The AO must first obtain a DVO valuation.
ITAT Kolkata ruled a tax notice invalid for not specifying scrutiny type, quashing the entire assessment. The ruling reinforces that tax authorities must follow CBDT instructions.
The ITAT Kolkata deleted a ₹11.35 crore addition, holding that a retracted survey statement and “dumb documents” are insufficient to prove undisclosed income under Section 69A.
The ITAT Kolkata remits the DCIT Vs Seven Hills Project case back to the CIT(A) for re-examination, challenging the disallowance of unpaid service tax under Section 43B of the Income Tax Act.
ITAT reverses a tax addition on cash withdrawals, ruling that they were genuine business turnover and not unexplained income.
The ITAT dismisses a cooperative society’s appeal over disallowed tax deductions after the society confirmed it is pursuing an alternative remedy.
The ITAT Kolkata deleted additions on expenses, purchases, and work-in-progress for Axora Resources, ruling that ad hoc disallowances without rejecting the books of accounts are unsustainable.
The Income Tax Appellate Tribunal (ITAT) in Kolkata has ruled in favor of Surya Agro Products Pvt. Ltd., invalidating a tax assessment for the Assessment Year 2012-13.
The ITAT in Kolkata set aside a ₹9.32 crore tax addition on share sales by Superdeal Resources, ruling that well-documented transactions are not bogus. The order underscores the need for substantive evidence over suspicion.
The ITAT in Kolkata ruled that tax claims cannot be denied on technicalities when documentation is on record. The case of Ambika Metaliks highlights the importance of fairness.
