ITAT Kolkata permits a new deduction claim and grants relief, highlighting assessment duties and appellate powers under income tax law.
ITAT Kolkata allows appeal, holding TDS disallowance unsustainable if payee taxed income, especially when Form 26A wasn’t applicable.
Kolkata ITAT cancels reassessment, rules CIT’s mechanical sanction for reopening after 4 years invalid; upholds assessee’s challenge based on lack of recorded satisfaction.
Kolkata ITAT rules documented share transactions through BSE and registered broker cannot be taxed as bogus based on suspicion; upholds assessee’s evidence.
Kolkata ITAT dismisses revenue’s appeal, upholds CITA order favoring Shaleen Khemani on gifted share sale proceeds, citing lack of evidence.
Kolkata ITAT rules in favor of Gautam Kumar Pincha, setting aside addition of share sale proceeds as undisclosed income due to lack of evidence.
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.
