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.
ITAT Kolkata held that CIT(A) rightly allowed interest earned from a co-operative bank as eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, appeal filed by revenue dismissed.
Despite late filing of Form 67, assessee deserved the credit for taxes paid in Nepal since the provisions of DTAA (in this case DTAA with Nepal) had an overriding effect over other provisions of the Act.
It was felt that the minute details of matching of accounts, working out the exact quantum of turnover from the bank accounts and matching of vouchers with expenses claimed could not be done by this Bench of ITAT.
ITAT Kolkata held that in terms of block assessment under section 153A of the Income Tax Act, reopening of unabated assessment without any incriminating material found with respect to concerned assessment year is impermissible in law.
