ITAT Kolkata held that compensation received for failure of performance guarantee parameter of capital assets [Wind Turbine Generators] is in nature of capital receipt and hence outside the purview of taxation. Accordingly, appeal of assessee allowed.
Kolkata ITAT nullifies NFAC’s duplicate assessment order for AY 2015-16, citing miscommunication after assessee’s appeal was already resolved.
Kolkata ITAT dismisses revenue’s appeal against education cess deduction for AVR Storage Tank Terminals. Previous ITAT order set aside the CIT(A) decision, rendering current appeal infructuous.
ITAT Kolkata allows Indiano Chrome Pvt Ltd Section 115BAB tax benefit for AY 2023-24, citing prior year compliance and single-time form filing.
ITAT Kolkata sets aside tax demand on Cossimbazar Trust, ruling that income application (expenditure) must be considered under Section 143(1) for registered trusts.
ITAT Kolkata directs CIT(A) to issue a speaking order on merits, setting aside an ex parte dismissal in an income tax appeal.
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.
