ITAT Kolkata rules service tax collected for rendering services does not form part of gross receipts under Sec 44BBA, benefiting Cathay Pacific Airways.
ITAT Kolkata sets precedent by allowing a trust to seek Section 80G approval despite past activities, emphasizing the importance of provisional registration.
Kolkata ITAT upholds LTCG disallowance in Brajesh Narnolia Vs ITO, emphasizing that a company’s genuineness isn’t judged by the magnitude of profit.
Taxpayers and professionals alike can learn from Ayushi Jain vs. Income Tax Officer (ITO): LTCG can’t be deemed bogus without substantiated allegations. Understand the intricate details of the ruling from ITAT in Kolkata.
Kolkata ITAT deletes additions made without examining nature of expenditure, criticizing AO’s careless attitude. Full text of the order available.
ITAT Kolkata held that it is unjustified to assess share capital and share premium as unexplained cash credit u/s. 68 merely for high share premium as identities and creditworthiness of the share applicant and genuineness of the transactions duly established.
ITAT Kolkata held that addition u/s. 68 as unexplained cash credit unjustified as assessee has filed all the evidences concerning transactions to establish the identity and creditworthiness of the lenders and to prove the genuineness of the transactions.
Income earned from educational activities is eligible for exemption under Section 10(23C)(vi) of the Income Tax Act. Read the detailed analysis of the ITAT Kolkata ruling in the case of Durgapur Society of Management Science vs ITO.
The appeal challenges the order dated 14th June 2023, passed under section 250 of the Income Tax Act, 1961. The primary issue revolves around the addition of Rs.3,00,00,000/- as unexplained cash credit on account of unsecured loans.
ITAT Kolkata held that the Indian Chamber of Commerce (ICC) is entitled to exemption u/s 11 of the Act as ICC is not carrying on any activity of holding meetings, seminars and conferences for business purpose but only in support its main object hence it is not hit by the proviso to Section 2(15) of the Act even post amendments.
