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While deleting an addition of ₹1 crore made by the tax authorities on advances received by the company, the Income Tax Appellate Tribunal (ITAT), Kolkata Bench, ruled in favour of Lahoti India Ltd., stating that since the money was refunded before the parties, it cannot be considered taxable income. The taxpayer, Lahoti India Ltd, has […]
The recent case of Abhishek Shaw Vs ITO, adjudicated by the Kolkata Income Tax Appellate Tribunal (ITAT), reaches into the implications of setbacks within the faceless assessment regime. The same blog analyses the proceedings analyses the arguments delivered, and estimates the decision of ITAT. Detailed Analysis In Case of Abhishek Shaw The petition incurred via […]
Income Tax Appellate Tribunal (ITAT) Kolkata in a ruling, the case of Kalna II CADP Farmers Service Co-Op. Society Limited vs. ITO has set a crucial precedent concerning penalties under Section 271(1)(c) of the Income Tax Act. The decision tribunal, on April 27, 2023, emphasized that no penalty could be levied under this section if […]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has noted that income derived from educational activities is eligible for exemption under section 10(23C)(vi) of the IT (Income Tax) Act, 1961. The Durgapur Society of Management Science, a registered educational entity under Section 10(23C)(vi) of the Act, underwent scrutiny for the Assessment Year 2018-19 […]
The revision order has been set aside by the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) as an accidental mistake because of the typographical error in computing the total income. PCIT asked for the issue in the revisionary proceedings related to the understatement of the short-term capital gain (STCG). For the taxpayer concern, Bijni […]
The Kolkata Bench of Income Tax Appellate has released an order for the reassessment regarding a case where there was an error found in Tax Deducted at Source (TDS) reported in Form 26AS and the profit and loss account. This difference occurred because of inadequate required evidence. Regarding the AY 2015-16, the assessee filed an […]
The Income Tax Appellate Tribunal (ITAT)’s Kolkata Bench has ruled that under Rule 8(1) of the Income Tax Rules, 1962, only 40% of the assessee’s income must be treated as taxable income after making the disallowance and computing the assessee’s income. The Assessing Officer must calculate the income after making a disallowance concerning an EPF […]
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench has deleted the disallowance that has been made on Bonus and Commission And that has been paid to the directors as per the agreement of appointment. The assessee, M/s. Hamilton & Co. Ltd. has disputed and challenged the disallowance of Bonus amounting to Rs 15,00,000 and The […]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), in a ruling, adopted a compassionate approach in condoning a delay of 848 days in filing an appeal, after the appellant’s Income Tax Consultant tragically passed away during the COVID-19 pandemic. The assessment order for AY 2015-16 has been contested by the applicant, Subodh Adhikary, […]
