ITAT Kolkata ruled on taxing property received with an unregistered agreement in one FY and sale deed in another, clarifying Section 56(2)(x) applicability.
Kolkata ITAT allows assessee’s appeal, ruling that a tax assessment was invalid because the Section 143(2) notice did not comply with mandatory CBDT instructions on format.
Kolkata ITAT voids tax reassessment for AY 2017-18, finding reasons for reopening vague & based on borrowed satisfaction, citing Delhi HC precedent.
ITAT Kolkata held that the reopening of assessment cannot be allowed on the basis of vague reasons, where AO has not done anything as there was gross non-application of mind by the Assessing Officer. Accordingly, reopening of assessment u/s. 147 is quashed.
ITAT Kolkata rules addition under Section 68 for share capital invalid solely due to non-compliance with summons when evidence was furnished.
Kolkata ITAT removes Rs 1.43 crore addition on share capital, citing funds received in prior years and adequate documentation for current year’s receipts.
ITAT Kolkata held that notice issued u/s. 143(2) of the Income Tax Act without specifying whether it is limited or complete of compulsory manual scrutiny is invalid and in violation of CBDT instruction F. No. 225/157/2017/ITA-II Dated 23-06-2017.
ITAT Kolkata held that the transaction cannot be treated as unexplained cash credit under section 68 of the Income Tax Act since the transaction of the shares were shown as stock in trade in assets side of the balance sheet and sale as revenue in profit & loss account.
ITAT Kolkata deletes income addition for Bagla Agro Limited, finding interest on loan accepted in prior years and no search evidence.
Kolkata ITAT rules tax assessments cannot be reopened beyond four years if assessee disclosed facts during original scrutiny, citing Supreme Court precedent.
