The ITAT Kolkata quashed Section 263 proceedings against Nalanda Engicon, ruling that the prior approval under Section 153D was sufficient to invalidate the revision.
ITAT Kolkata remands case of Daroga Family Foundation to reconsider condonation of delay in filing Form-10B due to COVID-19. The delay caused denial of tax exemption.
ITAT Kolkata ruled that PCIT’s revision under section 263 was time-barred as it exceeded the limitation period, invalidating the assessment revision.
ITAT Kolkata held that additions u/s. 153A of the Income Tax Act could only be made on the basis of seized material found during the course of search. Thus, making additions in regular assessment without any incriminating material relating to said addition not justified.
ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 263 of the Income Tax Act. Thus, in absence of independent application of mind, invocation of revisionary provisions by CIT unsustainable.
ITAT Kolkata held that foreign allowance received by a non-resident outside India for services rendered outside India does not fall within the scope of total income under section 5(2) of the Income Tax Act.
ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the long-term capital gain (LTCG) earned from sale of unlisted shares.
Read the detailed analysis of the ITAT Kolkata judgment on Anudip Foundation vs. CIT, discussing the rejection of 80G final approval. Key legal interpretations included.
Detailed analysis of North Eastern Social Research Centre vs. CIT(Exemption) case by Kolkata ITAT. Learn how technical errors in application didn’t affect Sec 80G benefits.
Read the full text of the ITAT Kolkata order on Alosha Marketing Pvt Ltd Vs ACIT, discussing reopening of assessment under sec 147 and challenges on merit.
