Kolkata ITAT rules Assessing Officer cannot add income for bogus purchases without rejecting books of account or disputing reported sales, ensuring legal sustainability.
The Kolkata ITAT upheld a Section 14A disallowance, stating there was no breach of natural justice when the AO invoked Rule 8D(2)(iii) after the assessee’s reply was considered.
Kolkata ITAT remands Kaushalya Devi’s capital gains tax appeal to CIT(A) for re-adjudication, citing natural justice after ex-parte dismissal over a land development agreement.
ITAT Kolkata held that Foreign Tax Credit cannot be denied for delayed filing of Form No. 67 since the provision of DTAA override the provision of Section 90 of the Act and also filing it is directory requirement and not mandatory requirement. Accordingly, appeal allowed.
The ITAT Kolkata has ruled that a legal heir is entitled to claim TDS credit on a deceased person’s income, provided the heir has offered that income for taxation.
ITAT Kolkata confirms ₹31.15 lakh loan repayment is not unexplained cash credit, upholding deletion of addition for New Charan Kanwal Finance.
The Kolkata ITAT quashes a reassessment notice issued under Section 148, citing it was time-barred. The decision clarifies the application of TOLA and the new reassessment regime.
ITAT Kolkata upholds deletion of capital gains addition under Section 50C and disallowance under Section 14A for Tirupati Niryat Pvt. Ltd.
The ITAT Kolkata rules on the Nabiul Industrial Metal case, deeming an assessment invalid due to jurisdictional issues with the faceless assessment scheme’s implementation date.
ITAT-Cuttack holds only net income, not gross receipts, of an unregistered educational trust is taxable, emphasizing consistency in prior assessments.
