ITAT Kolkata rules in favor of Philips India, affirming 30% depreciation on moulds owned by the company but used by exclusive vendors for manufacturing.
ITAT Kolkata ruled for Salt Lake Sanskritik Sansad, stating late filing of Form 10BB does not deny income tax exemption for charitable trusts.
Kolkata ITAT ruled the ITO lacked jurisdiction to reassess OSL Developers’ income after its case was transferred to another authority, nullifying the reassessment order.
Kolkata Tribunal rules automated disallowance of Section 80P deduction for co-operatives due to belated filing not applicable for AY 2018-19; amendment effective from AY 2021-22.
ITAT Kolkata sets aside ex-parte CIT(A) order on unexplained demonetization cash deposit against Akanksha Enterprises, allowing a fresh hearing based on natural justice.
Kolkata ITAT rules corporate guarantee is international transaction but limits transfer pricing adjustment to 0.5% for Tega Industries, citing judicial precedent.
ITAT Kolkata rules in favor of Cygnus Developers, accepting share application money as genuine, citing investor company tax assessments and judicial precedents.
ITAT Kolkata held that filing of Form No. 67 is directory and no mandatory and the credit for foreign taxes cannot be denied for mere delay in filing the Form No. 67. Accordingly, appeal of the assessee allowed.
ITAT Kolkata rules in favor of Joy Consolidated, deleting Rs. 2.7 Cr cash credit, citing sufficient evidence for share and loan transactions.
ITAT Kolkata allows Mintu Mallick’s appeal, remanding the case to the AO. It directs re-computation of income using the correct turnover figure available on record.
