ITAT Kolkata held that AO failed to examine the agreement as composite agreement and hence non-examination of AO with that angle has caused prejudice to the interest of Revenue and hence CIT rightly set aside the assessment order by exercising powers under section 263 of the Income Tax Act.
Read analysis of ITAT judgment in Saraswati Gupta vs. ITO case confirming penalties under sections 271A and 271B for not maintaining and auditing books of account. Learn about the outcome and reasoning.
In Pawan Kumar Agarwal vs CIT case, ITAT Kolkata rules that concessional tax rate under section 115E is not applicable when money is deposited in Indian rupees, not foreign exchange.
ITAT Kolkata held that addition under section 68 towards unexplained cash credit unsustainable as assessee has discharged its onus to prove the identity and creditworthiness of the share subscribing company.
The assessee, M/s. K.K. Patel Finance Ltd has jurisdiction in Indore. The Assistant Commissioner of Income Tax passed assessment orders, indicating jurisdiction. The parties discussed appellate jurisdiction between the ITAT and the High Court based on the Assessing Officers location. The assessees counsel requested the appeals be transferred to the ITAT Indore Bench for adjudication.
ITAT Kolkata held that expenditure incurred towards interior decoration work of a rented office premises is allowable as revenue expenditure. Accordingly, disallowance of such expenditure unjustified.
In present facts of the case, the Hon’ble Tribunal set aside Notice under Section 148 by making observation that the ld. Assessing Officer failed to pinpoint the failure at the end of the assessee to disclose all material facts fully and truly, which led the escapement of income from taxation.
ITAT Kolkata held that compensation paid out of sale proceeds to various parties is duly explained by the assessee with documentary evidences. Accordingly, addition towards compensation paid deleted.
Discover the key points from the Samridhi Stocks Pvt Ltd vs ITO case at ITAT Kolkata, where a late assessment reopening was invalidated.
Raigarh Jute & Textile Mills Ltd triumphs as ITAT Kolkata rules share trading loss genuine. Detailed analysis reveals weak circumstantial evidence.
