ITAT Kolkata allows Farseen Rubber Industries’ Rs 1 Cr compensation to JK Tyre, ruling it a commercial expense, not an offense under Section 37.
ITAT Kolkata dismisses revenue appeal in DCIT vs Ripley & Co. Ltd., affirming demurrage and penalty charges as allowable business expenses, not penal, citing key judicial precedents.
ITAT Kolkata quashes assessment where AO expanded limited scrutiny beyond “cash deposit during demonetization” without proper procedure, citing CBDT instructions and High Court precedents.
ITAT Kolkata ruled for Weilburger Coatings, quashing an assessment order as the AO exceeded limited scrutiny scope without following CBDT conversion procedures.
ITAT Kolkata ruled on taxing property received with an unregistered agreement in one FY and sale deed in another, clarifying Section 56(2)(x) applicability.
Kolkata ITAT allows assessee’s appeal, ruling that a tax assessment was invalid because the Section 143(2) notice did not comply with mandatory CBDT instructions on format.
Kolkata ITAT voids tax reassessment for AY 2017-18, finding reasons for reopening vague & based on borrowed satisfaction, citing Delhi HC precedent.
ITAT Kolkata held that the reopening of assessment cannot be allowed on the basis of vague reasons, where AO has not done anything as there was gross non-application of mind by the Assessing Officer. Accordingly, reopening of assessment u/s. 147 is quashed.
ITAT Kolkata rules addition under Section 68 for share capital invalid solely due to non-compliance with summons when evidence was furnished.
Kolkata ITAT removes Rs 1.43 crore addition on share capital, citing funds received in prior years and adequate documentation for current year’s receipts.
