Search results for: Kolkata ITAT

Kolkata ITAT's Order for Ankit Impex Marketing Services Pvt. Ltd

Kolkata ITAT Cancels the Addition Made by AO Without Examine Expenditure Nature

Kolkata ITAT eliminates additions made without scrutinizing the expenditure nature of fetching that the expenses were made for the business purposes at the time of operation of a business, towards which the taxpayer has provided all the basic information which was not reviewed via AO, the addition made by AO is been deleted by the […]

Kolkata ITAT's Order for Vishal Pachisia

Kolkata ITAT: Deductor Can Never Be Held Liable for Non-Deposits of TDS Once Tax Has Been Deducted

Once Tax Deducted at Source (TDS) is deducted then liability for non-deposit of TDS by deductor cannot be fastened on the deductee the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer is a salaried employee employed with M/s. Falcon Tyres Ltd. at its Kolkata office and in the year received a […]

Kolkata ITAT's Order for Abhishek Shaw

ITAT Kolkata: Errors in Faceless Assessments Shouldn’t Hinder Efficient Administration

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 […]

Kolkata ITAT's Order for Kalna II CADP Farmers Service Co-Op. Society Ltd

ITAT Kolkata Quashes Penalty U/S 271(1)(c), If Addition Deleted by Appellate Authority

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 […]

Kolkata ITAT's Order for Durgapur Society of Management Science

ITAT Kolkata: Educational Income is Exempt from Tax Under Section 10 (23C)(vi)

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 […]

Kolkata ITAT's Order for Bijni Dooars Tea Company Ltd

Mistake Occurred Due to Typographical Error, ITAT Kolkata Rejects Revision Order

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 […]

Kolkata ITAT Judgement Over TDS Mismatch in Form 26AS and P&L Account

Mismatch in Form 26AS and P&L Account, ITAT Kolkata Directs Re-assessment on Absence of Evidence

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 […]

Kolkata ITAT's Order for M/s. Stewart Holl (India) Ltd

ITAT Kolkata: 40% of Income Must be Treated as Taxable After Disallowance

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 […]

Kolkata ITAT's Order for Bonus and Commission to the Directors

ITAT Kolkata Removes Disallowance on Directors’ Commission & Bonus

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 […]

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