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ITAT Kolkata

ITAT deletes addition for transaction shown in Account of Assessee mistakenly by broker

November 24, 2022 504 Views 0 comment Print

Once the mistake is brought to fore and is in knowledge of the authority, it is incumbent upon the authority, who is possessed with all the powers, to take a deep dive into the matter to ascertain the correct facts and understand the mistake as well as see how the effect of mistake was mitigated.

Addition based on non-appearance of directors of subscribing company untenable

November 22, 2022 789 Views 0 comment Print

ITAT Kolkata held that non-compliance to summons issued u/s 131 of the Act or non-appearance of the directors of the subscribing companies cannot be basis for making addition as the assessee has proved the identity, creditworthiness of the investors and genuineness of the transactions.

Revised monetary appeal filing limits applies retrospectively to pending appeals

November 22, 2022 1623 Views 0 comment Print

ITO Vs Pioneer Khadan Product Pvt. Ltd (ITAT Kolkata) On perusal of the Circular No. 17/2019 dated 08.08.2019 and the materials available on record, it reveals that this circular makes it very clear that the revised monetary limits shall apply retrospectively to pending appeals as well. Hon’ble apex court in Commissioner of Customs vs. Indian […]

Section 271(1)(c) Penalty not imposable if no addition to income

November 22, 2022 1884 Views 0 comment Print

Since additions have been deleted, the very foundation to visit assessee with penalty does not survive. Hence, no penalty is imposable upon assessee

Addition u/s 68 not permissible if proper due diligence of facts and documents have not been carried out

November 17, 2022 1215 Views 0 comment Print

The ITAT on the issue of addition under Section 68 observed that in the impugned Assessment Order, the AO has passed the impugned Assessment Order in a hurried manner even without pointing out any defect or discrepancy in the evidences and details furnished by the assessee. Therefore, additions under Section 68 were ordered to be deleted.

ITAT upheld addition for LTCG of accommodation/bogus entries through penny stock companies

November 16, 2022 2721 Views 0 comment Print

Manish Goel Vs ITO (ITAT Kolkata) ITAT find that in the case of Swati Bajaj (supra), the facts before the Hon’ble Jurisdictional High Court, were that the assessee has claimed exempt income under section 10(38) of the Act at Rs.28,23,500/- from sale of equity shares of a listed company namely Surabhi Chemicals & Investment Limited. […]

Reopening of assessment u/s 148 based on old information is invalid

November 8, 2022 4371 Views 0 comment Print

ITAT Kolkata held that original assessment was made under section 143(3)/147, i.e. scrutiny assessments. Further, there was no fresh information available with the revenue. Hence, reopening of assessments relying on the same information is invalid.

Provisions of section 40A(3) not apply in absence of actual cash transaction

November 6, 2022 903 Views 0 comment Print

ITAT Kolkata held that the transaction of purchase of old gold jewellery in exchange of sale of new jewellery is covered under rule 6DD (d) and hence exempted from the provisions of section 40A(3) of the Income Tax Act. Further, there is no violation of provisions of section 40A(3) as there is no actual transaction of payment of cash.

Depreciation on goodwill resulted from approved scheme of amalgamation is allowable

November 2, 2022 2685 Views 0 comment Print

ITAT Kolkata held that the claim the depreciation on goodwill which has resulted from the scheme of amalgamation which was duly approved by the Hon’ble Calcutta High Court cannot be rejected.

Interest on income tax refund not taxable in terms of India-Netherland DTAA

October 25, 2022 2652 Views 0 comment Print

ITAT Kolkata held that interest on income tax refund is a ‘debt claim’ payable by the Revenue in terms of Article 12(3)(a) of the India-Italy Treaty and thus such interest is not taxable and no TDS ought to be done by the AO.

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