The ITAT Kolkata restored an assessee’s claim for a concessional tax rate under Section 115BAA, ruling that the delay in filing Form 10-IC was a procedural error.
ITAT Kolkata ruled that the relinquishment of a tenancy right is a capital gain, and exemptions under sections 54 and 54F can be claimed simultaneously.
ITAT Kolkata ruled that a reassessment is invalid if no addition is made on the original reason for reopening the case, as the foundation for the reassessment collapses.
The ITAT Kolkata restored an appeal, granting an assessee a fresh opportunity to submit evidence after the previous appeal was dismissed due to non-compliance.
The ITAT Kolkata deleted an addition under Section 69 and a tax addition under Section 56(2), ruling that a taxpayer’s salary account was a valid source for property investment.
Borrow at 12%, Lend at 5% ITAT Kolkata Partly Upholds Interest Disallowance – Interest-Free Funds Presumption Applied – ITAT Kolkata Remands Excess Disallowance for Verification
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.
