ITAT Kolkata Judgments, Orders & News | Income Tax Appellate Tribunal

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ITAT Kolkata

Explore the latest ITAT Kolkata judgments, orders, and appellate decisions on direct tax matters from the Kolkata bench of the Income Tax Appellate Tribunal

ITAT quashes Reassessment Notice u/s 148 issued beyond the statutory time frame [Read Order]

Saagarika Gopinath

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the reassessment notice, which was issued under Section 148 of the Income Tax...

ITAT upholds Exemption u/s 10(23C)(iiiab) Despite Late Filing and Incorrect Form Submission [Read...

ITAT upholds CIT(A)'s Deletion of Additions u/s 68, Citing Sufficient Cash Balance and Lack of...

ITAT Rules Doctrine of Merger not applicable to Income Retained by CPC from Intimation u/s 143(1)(a)...

Income Tax Deduction Eligibility of Cooperative Society

Penalty u/s 272A(1)(d) of Income Tax Cannot Be Imposed for Non-Compliance with Notices Due to Consultant’s Failure to Inform: ITAT deletes Penalty

The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) has deleted a penalty imposed under Section 272A(1)(d) of the Income Tax Act, 1961 stating that the penalty cannot be enforced when the...

ITAT invalidates Deemed Gift Addition u/s 56(2)(vii)(b)(ii) based on Allotment Letter Validity [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) invalidated the deemed gift addition made under Section 56(2)(vii)(b)(ii) of the Income Tax Act,1961, emphasizing that an allotment letter...

ITAT deletes Addition of ₹2.30 Crore u/s 68, upholds Assessee's Burden of Proof [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) deleted an addition of ₹2.30 crore made under Section 68 of the Income Tax Act,1961.It found that the assessee had successfully established...

ITAT invalidates Addition u/s 56(2)(vii) and deletes Deemed Gift due to Incorrect Valuation Date [Read Order]

The Kolkata Bench ofIncome Tax Appellate Tribunal ( ITAT ) invalidated the addition made under Section 56(2)(vii) of the Income Tax Act,1961 and deleted the deemed gift classification due to the...

Delay in Filing ITR due to COVID-19 Pandemic: ITAT remands matter to consider Condonation of Delay [Read Order]

In a recent ruling, the Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) directed CIT(A) to consider the case of the assessee by condoning the delay as the reason for delay has been...

Loss on Sale of Shares on Stock Exchange can be Set Off Against LTCG from sale of Unlisted Shares If STT duly Paid: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) set aside the appellate order and directed the Assessing Officer(AO) to offset the loss against the long-term capital gain. It was held...

Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under Income Tax Act [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Unexplained money under the Income Tax Act, 1961 as the amount was the old loan converted into share allotment....

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