Machine Tools India Ltd. Vs ACIT (ITAT Kolkata) CBDT has issued instruction from time to time to the AO’s qua the manner of processing the return and giving TDS credit. Delhi High Court in the case of Own Motion and Ors. Vs. CIT & Ors. In [2013] 352 ITR 273 (Delhi) issued seven mandamuses for […]
ITAT Kolkata held that disclosure of undisclosed income under IDS, 2016 on which taxes are duly paid cannot be further added as undisclosed stock. Claim of set off of undisclosed income duly available against the undisclosed stock surrendered during the course of survey.
Assessee demonstrated that cash deposit in its bank account by a party in the state of Assam is against its sales realisation and is duly accounted in its books of account and offered for taxation.
PCIT wrongly proceeded to set aside assessment order due to mismatch of truck number in two invoices, which was visibly a clerical mistake.
ITAT Kolkata held that addition cannot be made on protective basis in the reopened assessment proceeding as the assessment cannot be reopened for a contingent nature of addition.
ITAT Kolkata held the levy of penalty under section 271AAB of the Income Tax Act without specifying the charge on which the same is imposable is unsustainable in law.
Doloo Tea Company (India) Ltd Vs ACIT (ITAT Kolkata) Admittedly, in this case in hand, the land has already been treated as agricultural land not capital in nature and the tea bushes have been cultivated by the assessee to obtain tea leaves and the shade trees are grown by the assessee for the protection of […]
Merely because building was used by assessee-trust without consideration that cannot be said to be, in any way, any unexplained investment by assessee-trust justifying addition under section 69
ITAT Kolkata held that invoking revisionary proceedings justified as AO failed to conduct the enquiry about the bogus transactions inspite of the report of the Investigation Wing containing the list of 84 companies found to be penny stock companies available in the Income Tax Portal.
A.G. Ferro Cast P Ltd Vs ITO (ITAT Kolkata) A perusal of the assessment order reveals that the order of the Assessing Officer is short and cryptic wherein no reasoning has been given as to why the Assessing Officer has treated the share application/share premium received from one party M/s Lagan Vincom Pvt. Ltd. as […]
