ITAT Kolkata held that education cess is not allowable expenditure under section 37(1) of the Income Tax Act.
ITAT Kolkata rules on upfront lease premium, corporate guarantee fee, and royalty income. Key points from ACIT Vs Britannia Industries. Full order analysis.
ITAT Kolkata held that revision of assessment order passed u/s. 143(3) unsustainable as levy of interest u/s. 115P of the Income Tax Act for short payment of Dividend Distribution Tax (DDT) u/s. 115-O of the Income Tax Act, which comes under a separate Chapter, was not part of assessment order.
In a recent order by the Income Tax Appellate Tribunal (ITAT) Kolkata, the denial of exemption under section 10(23B) of the Income Tax Act for a mere technical violation has been challenged. This article delves into the background of the case, the ITAT’s decision, and its implications.
The ITAT Kolkata has deleted the penalty in Prem Kumar Goutam vs. DCIT, ruling that the AO cannot demand a Profit and Loss Account for Section 44AD income. Get the details.
In the case of Bulu Ghosh vs. ITO, the ITAT Kolkata ruled that profit cannot be estimated without rejecting books of account. Read the full text of the order here.
ITAT Kolkata clarifies that cash credit addition under Section 68 of the Income Tax Act should be made for credits received during the relevant assessment year. Details of Shaktigarh Textile and Industries Ltd. vs. DCIT case.
Learn about ITAT Kolkata’s decision in Sushama Industries vs. ITO for AY 2011-12, where a 5% disallowance is made on profit element of bogus purchases. Details here.
Read about Babusona Mondal’s appeal against the AO’s addition under Section 69B. ITAT Kolkata rules that additions can’t be made based on conjectures without considering evidence.
Read about Amit Agarwal’s appeal against the disallowance of interest on unsecured loans. ITAT Kolkata rules that additions can’t be allowed if loans were for business purposes.
