ITAT Kolkata held that addition under section 69A of the Income Tax Act towards unexplained cash deposits rightly deleted since it is already part of the turnover of the business. Accordingly, appeal of revenue dismissed.
ITAT Kolkata upholds disallowance of short-term capital loss adjustment for previous AY but deletes penalty due to lack of evidence of intentional wrongdoing.
Sujit Biswas Vs ITO (ITAT Kolkata) The assessee is a proprietor of Baba Lokenath Sahal Sabji Bhandar and total turnover disclosed by the assessee during the instant financial year were ₹32,00,500/- against the purchases of ₹15,52,770/-. Assessee filed his return at total income at ₹2,92,240/-. The assessee engaged in the business of purchase and sale […]
ITAT Kolkata deletes Rs.52.25 lakh addition under Section 69A for unaccounted fees. Evidence proved the amount was properly accounted for in the trust’s records.
It was argued on behalf of the assessee that the action of AO amounts to a double addition as the claiming of Capital Gains was accurately tendered in the Return of Income.
Reliance was placed on decision of the Hon’ble Delhi High Court in the case of CIT vs. Ritu Anurag Agarwal reported in ITA No. 325/2008 and it was argued that no addition u/s 68 could be made on account of trade creditors when the books of accounts have not been rejected.
ITAT Kolkata remands unexplained income case involving a mother-son transaction back to CIT(A) for fresh adjudication, citing incomplete compliance and evidentiary gaps.
ITAT Kolkata deletes ₹19.6 lakh addition for AY 2018-19, citing the retrospective application of the 10% safe harbour limit as a curative amendment under the Income Tax Act.
Although Rule 128(9) requires Form 67, assessee’s compliance within this rule during the rectification stage demonstrated a good faith or effort to fulfil procedural requirement.
ITAT Kolkata held that addition under section 68 of the Income Tax Act as unexplained cash credit not sustainable since identity, creditworthiness and genuineness of the transaction relating to the share capital sufficiently established.
