ITAT Kolkata rules on Gaurav Pincha’s LTCG claim, deleting additions made under Section 10(38), citing lack of specific evidence and generalised suspicion.
AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal evidence against him: ITAT
ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO’s reliance on general reports.
Kolkata ITAT permits Minu Gupta’s LTCG exemption claim, citing lack of specific evidence against her despite AO’s reliance on general investigation reports.
ITAT Kolkata rules in favor of Raj Kumar Kabra’s LTCG claim, stressing the need for specific evidence over general suspicion in tax assessments.
ITAT Kolkata permits Pawan Kumar Kabra’s LTCG claim, emphasizing the need for specific evidence over general suspicion in assessment.
ITAT Kolkata deleted an addition related to bogus long-term capital gain, finding the assessee’s share transactions to be genuine and supported by sufficient evidence.
ITAT Kolkata held that reopening of assessment is invalid since reasons recorded are vague and scanty and PCIT has granted approval in mechanical manner. Accordingly, reopening of assessment is liable to be quashed.
ITAT Kolkata rules no legal requirement for knowhow registration to claim depreciation under Section 32. Landis + Gyr case summary.
ITAT Kolkata cancels penalty u/s 271D for Tarai Transport Corporation in AY 2016-17, citing reasonable cause and a similar past ruling involving cash transactions with a sister concern.
