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ITAT Kolkata

Kolkata ITAT deletes Share Premium Addition as identity & creditworthiness of Subscriber Companies proved

May 9, 2024 465 Views 0 comment Print

Read detailed analysis as Kolkata ITAT removes unexplained cash credit addition in Sharda Ferro Works Pvt. Ltd. Vs DCIT case. Share capital scrutiny under section 68.

Benefit of Indexation cannot be denied to calculate Long Term Capital Gain

May 7, 2024 1704 Views 0 comment Print

In the case of Millie Dey Vs ITO (ITAT Kolkata), the Income Tax Appellate Tribunal ruled that the benefit of indexation cannot be denied to calculate long-term capital gain. Read the detailed analysis and conclusion here.

AO Can’t reject Assessee’s Valuation Method without Finding Defect

May 2, 2024 486 Views 0 comment Print

Discover ITAT Kolkata ruling in Deep Jyoti Wax Traders Pvt. Ltd vs. ITO, highlighting the importance of assessee chosen valuation method under Rule 11UA(2).

Conditions for Section 153A Reassessment notice Issuance after 6 Years

April 28, 2024 1005 Views 0 comment Print

Discover the conditions for issuance of a reassessment notice u/s 153A beyond six years & explore the detailed analysis of ACIT Vs Goldstone Cements Ltd. (ITAT Kolkata) case.

Analysing ITAT Kolkata Decision on Britannia Industries Ltd.’s CSR Contributions & Tax Deductions

April 25, 2024 5586 Views 0 comment Print

Explore how ITAT Kolkata ruling on Britannia Industries Ltd. CSR contributions clarifies tax deductions under Section 80G.

ITAT allows Section 80P(2)(i) deduction on income from credit facilities for non-agricultural purposes to members

April 23, 2024 378 Views 0 comment Print

Learn how Enayetpur S K U S Ltd secured Section 80P(2)(i) benefits for providing credit facilities for non-agricultural purposes to members according to ITAT Kolkata’s ruling.

No Deduction if Employees’ Contribution Not Paid to PF & ESI: Kolkata ITAT

April 16, 2024 444 Views 0 comment Print

Learn about the ruling by ITAT Kolkata stating no deduction can be claimed if employees’ contributions deducted from salaries were not paid to PF & ESI accounts. Full order analysis provided.

ITAT Deletes Share Premium Addition Due to Blatantly Anomalous Valuation by AO

April 10, 2024 351 Views 0 comment Print

Read the full text of the ITAT Kolkata’s order in the case of Maa Biddeswari Agro Products Pvt. Ltd. vs ITO. Learn how the ITAT ruled to delete the addition of share premium due to the AO’s flawed valuation.

PCIT Cannot invoke Section 263 jurisdiction Solely Based on Disagreement with AO’s Plausible View

April 4, 2024 279 Views 0 comment Print

Analysis of Satbir Mahato Vs PCIT case by Kolkata ITAT, highlighting the dispute over Section 263 jurisdiction due to plausible views of AO.

Share capital/premium cannot be added to income for mere non-compliance of summons by subscribers

April 4, 2024 474 Views 0 comment Print

In the Nano Infra Promoters Pvt Ltd vs ITO case at ITAT Kolkata, learn why receipts couldn’t be added to income under section 68 just for summons non-compliance.

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