ITAT Kolkata confirms statements recorded during surveys under Section 133A cannot justify additions without corroborating evidence. Learn more about this landmark decision.
ITAT Kolkata held that the disallowance u/s 14A of the Income Tax Act, read with Rule 8D of the Income Tax Rules should be restricted to the dividend yielding investments. Accordingly, AO directed to re-compute disallowance.
These regulations do not specify any date by which the employee’s contribution/ subscription to the PF is to be deposited in the individual employee’s account under the Calcutta Port Trust Non-Contributory Provident Fund.
ITAT Kolkata held that denial of concessional tax rate benefit under section 115BAC of the Income Tax Act merely for delayed filing of form no. 10IE not justifiable since the substantial justice should not be denied due to technical lapse.
ITAT Kolkata held the penalty under section 271E of the Income Tax Act not leviable since in the present case there was no repayment of loan received from the members but it was loan disbursed to members. Accordingly, revenue appeal dismissed.
ITAT Kolkata held that even after acceptance of fact that appellant is an entry provider, onus is on the appellant to prove that transaction was not of appellant but of somebody else’s. Accordingly, matter remanded for re-verification.
The Assessing Officer was not justified in making addition or disallowance on the issues as the Assessing Officer was not supposed to examine any other issue except the issue for which the scrutiny assessment was ordered.
Kolkata Bench of ITAT ruled in ACIT Vs Pujita Merchandise Pvt. Ltd. that Section 68 of IT Act is applicable when credit is received in the relevant year not for earlier years.
ITAT Kolkata held that in course of reassessment, AO concludes that no additions or modifications are warranted under these heads, it would not be entitled to make any additions in respect of other items forming part of original return.
ITAT Kolkata held that since filing of Form 67 is procedural in nature, delay in filing of the same cannot be the reason for denial of relief under section 90 of the Income Tax Act. Accordingly, appeal allowed.
