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.
ITAT Kolkata has allowed a Sikkimese proprietor to claim a tax exemption u/s 10(26AAA) despite using a wrong PAN. The tribunal cited a Supreme Court judgment.
The Ld. AR requested that the matter may be remitted to the Ld. AO while the Ld. DR supported the order of the Ld. CIT(A). After considering the facts of the case, we deem it appropriate in the interest of justice and fair play that another opportunity needs to be provided to the assessee to represent her case properly before the Ld.
ITAT Kolkata nullified a reassessment order, ruling that ITO lacked pecuniary jurisdiction to issue a Section 148 notice for a non-corporate assessee with an income over specified limit.
The ITAT Kolkata has ruled that a ₹4.20 crore addition made under Section 143(1) is invalid because the tax authorities failed to issue a prior show cause notice.
