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.
ITAT Kolkata quashes assessments in absence of incriminating material; DVO’s cost estimate alone held insufficient under Abhisar Buildwell precedent.
ITAT Kolkata held that assumption of jurisdiction to impugned assessment under faceless assessment scheme prior to 29.03.2022 when provisions of section 151A of the Income Tax Act had not come into operation is not sustainable and without jurisdiction. Accordingly, appeal of assessee allowed.
ITAT Kolkata rules Sec 263 cannot exceed reassessment scope, limits revision period. Disallowances u/s 40A(3) sent back for scrutiny.
ITAT Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan repayment.
