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Reopening u/s 147 Must Be Based on Specific and Clear Grounds, Not Borrowed Satisfaction: ITAT Quashes ₹68L Addition [Read Order]

Nandan GK

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the reason for reopening under section 147 of the Income Tax Act, 1961,...

Recall Plea Unjustified as Reassessment was already Quashed: ITAT Rejects Revenue’s Miscellaneous...

ITAT Remands Case for Fresh Hearing Despite Assessee Fails to Respond to Notices Four Times, w/o any...

No Income Tax Addition can be made Solely Based on Hypothecated Stock Disclosure to Bank: ITAT [Read...

Assessment Proceedings u/s 151A and SCN Passed without Jurisdiction: ITAT quashes NFAC’s orders...

CIT(A) failed to consider Factual Mistake Committed by CPC: ITAT Directs AO to Delete Adjustment of Rs. 3.09 Crore [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) directed the assessing officer to delete the adjustment of Rs. 3.09 crores as the Commissioner of Income Tax (Appeals) [CIT(A)] failed to...

Disallowance of ₹5.11 Crore Forex Loss on ECB Settlement: ITAT Restores Matter to AO [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) restored the issue of ₹5.11 crore forex fluctuation loss on the settlement of External Commercial Borrowings (ECB) to the Assessing Officer...

TPO’s Rejection of CUP Analysis Despite DRP Directions: ITAT Deletes Transfer Pricing Adjustment [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) deleted the transfer pricing adjustment after Transfer Pricing Officer (TPO)’s rejection of CUP analysis despite Dispute Resolution Panel...

Incorrect Deduction in Leave Encashment Disallowance: ITAT Remands Matter to AO [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal(ITAT) restored the matter to the Assessing Officer (AO) for reconsideration of the incorrect deduction in leave encashment disallowance. TDK...

ITAT Quashes Reopening based on Investigation Wing’s Information without Independent Verification, Holds Invalid [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) quashed the reopening of assessment under Section 147 of the Income Tax Act, 1961, ruling that reassessments based purely on external...

Mere Non-Production of Directors not a Valid Ground for Addition u/s 68: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the mere non-production of directors of investor companies cannot be a valid ground for making an addition under Section 68 of...

Notional Rental value of unsold flat not Taxable under House Property Head: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the notional rental value of unsold flat cannot be taxable under house property head. The assessee, Ambuja Neotia Hotel...