ITAT Kolkata ruled in Kishorepur Paschimanchal SKUS Limited Vs ITO that delay in filing ROI does not deny a taxpayers deduction claims under Section 80P of IT Act 1961
ITAT Kolkata held that depreciation is allowable on asset of the assessee if acquisition is claimed as application of income. Notably, after change in law in section 11(6), assessee has not claimed acquisition of property towards application of income while computing the total taxable income.
ITAT Kolkata held that addition on account of lesser amount considered as claw back payment unsustained as in case, a higher amount is to be considered as claw back payment, then a higher amount is to be allowed as a deduction not character of income
ITAT Kolkata held that penalty under section 271B of the Income Tax Act not leviable as turnover of the assessee is less than INR 1 Crore. Accordingly, the assessee is outside the purview of section 44AB of the Income Tax Act.
ITAT Kolkata held that initiation of reassessment proceeding under section 148 of the Income Tax Act for the purpose of mere verification of the claim is unsustainable in law.
ITAT Kolkata remanded the matter back to AO for the purpose of verification of documents and materials placed on record in respect of anonymous donations as well as the explanation for receipt of hall rent and accommodation so as to allow the claim of exemption u/s. 10(23C)(iiiad) of the Act.
ITAT Kolkata held that addition towards difference between figure of gross receipts reported and figure reported in Form 26AS is unsustainable as the difference is merely because figure reported in Form 26AS was inclusive of service tax component.
AOP inadvertently filed their income tax return using ITR 7 instead of ITR 5. ITAT held that Income Tax Authorities are not supposed to punish assessees for their bona fide mistake.
ITAT Kolkata held that in case where search has not been conducted upon the assessee, then penalty under section 271AAB of the Income Tax Act cannot be imposed.
ITAT Kolkata held that amount meant to be transferred to reserve fund, as per section 45-IC of the RBI Act, very well falls in the definition of income of the assessee and accordingly, such amount is to be included for the purpose of computation of income under the Income Tax Act.
