ITAT Kolkata dismisses revenue’s appeal, ruling that repaid unsecured loans cannot be treated as unexplained cash credits under Section 68 of the IT Act.
ITAT Kolkata rules that non-compliance with summons by investors is not a valid reason to add share premium as unexplained income if the assessee provides full documentation.
A summary of the ITAT Kolkata ruling in the case of Laxmi Agarwal, a doctor, where the tribunal quashed a 60% tax levy on cash deposits.
ITAT Kolkata voids reassessment proceedings for Nirmalkunj Sales Ltd., ruling that the Section 148 notice was invalid due to improper sanction from a Pr.CIT instead of the required Pr.CCIT.
Kanchenjunga Distilleries & Liquors Vs DCIT (ITAT Kolkata) Late Audit Report No Bar -Substance Over Form – ITAT Kolkata Deletes Disallowance of ₹2.07 Cr for Belated Form 10CCB Assessee filed return of income on 22.12.2021 declaring nil income after claiming deduction of ₹2.07 crore u/s 80IE. The extended due date for return filing was 15.03.2022 […]
ITAT Kolkata rules that a PCIT cannot initiate a Section 263 revision based solely on an AO’s proposal without independent satisfaction, quashing the revisionary order.
ITAT Kolkata held that only those investments which have yielded exempt income during the year should be considered for computing disallowance under section 14A read with rule 8D of the IT Rules. Accordingly, appeal of revenue dismissed.
ITAT Kolkata held that denial of exemption u/s. 10(23C)(via) due to inadvertent mistake of claiming exemption under section 12A instead of 10(23C)(via) is not justifiable. Accordingly, exemption granted u/s. 10(23C)(via) as requisite Form 10BB already filed.
ITAT Kolkata held that addition towards unexplained money under section 69A of the Income Tax Act cannot be sustained since the cash deposit is already added while filing the return of income under the head other sources. Accordingly, addition set aside and appeal allowed.
ITAT Kolkata has ruled a reassessment notice time-barred for income below ₹50 lakh. The tribunal found the notice was issued beyond the three-year limit for AY 2018-19.
