ITAT Kolkata sets aside ex-parte CIT(A) order on unexplained demonetization cash deposit against Akanksha Enterprises, allowing a fresh hearing based on natural justice.
Kolkata ITAT rules corporate guarantee is international transaction but limits transfer pricing adjustment to 0.5% for Tega Industries, citing judicial precedent.
ITAT Kolkata rules in favor of Cygnus Developers, accepting share application money as genuine, citing investor company tax assessments and judicial precedents.
ITAT Kolkata held that filing of Form No. 67 is directory and no mandatory and the credit for foreign taxes cannot be denied for mere delay in filing the Form No. 67. Accordingly, appeal of the assessee allowed.
ITAT Kolkata rules in favor of Joy Consolidated, deleting Rs. 2.7 Cr cash credit, citing sufficient evidence for share and loan transactions.
ITAT Kolkata allows Mintu Mallick’s appeal, remanding the case to the AO. It directs re-computation of income using the correct turnover figure available on record.
Kolkata ITAT rules refunded advances not taxable income in Lahoti India Ltd. case, overturning a ₹1 crore addition and setting a precedent.
ITAT Kolkata condones 148-day delay in Sandeep Prasad’s appeal citing medical grounds and legal oversight, remanding case to CIT(A) for fresh merits review.
ITAT Kolkata held that dividend distribution tax u/s 115-O of the Act and interest u/s 115P of the Income Tax Act is applicable only to a domestic company and since appellant is a co-operative society and provisions of section 115-O and 115-P will not be applicable.
ITAT Kolkata deletes ₹7.22 Cr addition for Unique Finance & Securities Pvt. Ltd., citing prior year precedent and lack of creditor compliance as insufficient grounds.
