Explore the legal intricacies of Anil Kumar Khetawat case vs. ACIT. Uncover how a jurisdictional flaw in issuing notice under section 143(2) renders the assessment proceedings void.
The assessee has received the share of profit as per the terms of the LLP agreement and, therefore, the same has rightly been held to be exempted u/s 10(2A) of the Act.
Rajiv Gandhi Indian Institution of Management Vs DCIT (ITAT Kolkata) ITAT held that so far as organizing golf tournament is concerned, the said event cannot be said to be a part of the educational activity for which the Trust is established. Therefore, so far as golf tournament is concerned the said activity is not educational […]
Explore the impact of Maxopp Investment Ltd. vs CIT on Section 14A disallowance. ITAT Kolkata sets aside Ld. CIT(A) order, directing re-computation in light of strategic investments.
ITO Vs Laxmipat Surana (ITAT Kolkata) The revenue’s grievance is that the Ld. CIT(A) erred in deleting the disallowance made u/s. 43B of the Act for unpaid bank interest on secured loans of Rs. 3,55,54,116/-. We find that so far as amount of bank interest payable on the secured loans is concerned, there is no […]
Assessee did not appear on the date of hearing and did not furnish any application stating any reasonable cause for not appearing on the given date nor requested any adjournment. Thus, there is a clear violation of provision of Section 131 of the Act and penalty u/s 272A(1)(C) of the Act is attracted.
Sujit Kumar Dey Vs ACIT (ITAT Kolkata) The assumption of jurisdiction u/s 263 of the Act by ld. PCIT has been challenged before us by the assessee. Before we advert to the facts and law involved in this issue before us, let us revisit the law governing the issue before us. The assessee has challenged […]
PBN Constructions (P) Ltd Vs ACIT (ITAT Kolkata) ITAT direct the A.O. to delete the addition and hold that the Amendment brought in Finance Act 2021 w.e.f. 01.04.2021 by inserting an Explanation to section 36(1)(va) and section 43B of the Act is prospective in nature and would apply from AY 2021-22 onwards. FULL TEXT OF […]
La Opala Rg. Ltd. Vs DCIT (ITAT Kolkata) The assessee was under compulsion to maintain a deposit with the electricity board to ensure supply of power to the unit and such interest income had first-degree nexus with the eligible undertaking of the assessee and accordingly the same would equally qualify for the deduction u/s 80IC […]
DCIT Vs Ambuja Neotia Holdings Pvt. Ltd. (ITAT Kolkata) ITAT find that the notice u/s 274 read with Section 271(1)(c) dated 13.08.2015 has been issued in a mechanical manner and in standard format without mentioning one of the two limbs on which the penalty was proposed to be levied. In other words, the notice mentioned […]
