In-depth analysis of ITAT Kolkata order on Income Tax Department’s misuse of Section 68 powers. Dismissal of appeal for unexplained cash credit of Rs.3 Cr.
Assessee-individual was carrying out various types of business including property development, liquor shop, medicine shop and rental income. The return was selected for scrutiny by issuance of notice u/s 143(2) and 142(1).
ITAT Kolkata held that revisionary proceedings u/s. 263 initiated in the name of non-existent entity, despite the fact that private limited company was converted into LLP and the conversion was brought to the knowledge of AO, is void ab initio and invalid.
ITAT Kolkata held that once the TDS is deducted then the liability resulting from the non-deposit of TDS by the deductor cannot be fasten on the deductee. Hence, denial of TDS credit to deductee unjustified.
Read the full text of the ITAT Kolkata order in the case of Pan Emami Cosmed Limited vs. DCIT. The denial of LTCG exemption overturned, directing AO to allow after examination.
The key issue is whether the salary, directly remitted from a foreign company to the assessee’s Non-Resident External (NRE) account in India, is taxable in India.
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.
