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
![Payment to Pollution Control Board for Environmental Norms Violation does not amount to Penalty, No Disallowance under Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Income-tax-appellate-tribunal-income-tax-income-tax-news-income-tax-act-TAXSCAN.jpg "Payment to Pollution Control Board for Environmental Norms Violation does not amount to Penalty, No Disallowance under Income Tax Act: ITAT [Read Order]")
Payment to Pollution Control Board for Environmental Norms Violation does not amount to Penalty, No Disallowance under Income Tax Act: ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) has held that payment made by the assessee to the Pollution Control Board for violation...
![No Addition u/s 68 of Income Tax Act on Share Premium allowable when Identity & Creditworthiness of Share Subscribers Proved: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Income-Tax-Act-ITAT-Income-Tax-Appellate-Tribunal-Income-Tax-News-Income-Tax-taxscan.jpg "No Addition u/s 68 of Income Tax Act on Share Premium allowable when Identity & Creditworthiness of Share Subscribers Proved: ITAT [Read Order]")
![Assessee failed to Prove Entries of Credit against Addition section/s 68 of Income tax Act: ITAT allows Revenue Depts Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Assessee-Prove-Entries-Credit-against-Income-tax-Act-ITAT-Revenue-Depts-Appeal-taxscan.jpg "Assessee failed to Prove Entries of Credit against Addition section/s 68 of Income tax Act: ITAT allows Revenue Depts Appeal [Read Order]")
![Taxpayer Follows Mercantile System of Accounting Consistently: ITAT allows Deduction of Rs. 34.2 lakhs u/s 57 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Section-57-of-the-Income-Tax-Act-ITAT-Kolkata-income-tax-deduction-Taxscan.jpg "Taxpayer Follows Mercantile System of Accounting Consistently: ITAT allows Deduction of Rs. 34.2 lakhs u/s 57 of Income Tax Act [Read Order]")
![ITAT dismisses Appeal u/s 68 of Income Tax Act Due to Absence of Explanation for Transactions [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Income-tax-appellate-tribunal-income-tax-acts-Income-tax-sections-Section-68-TAXSCAN.jpg "ITAT dismisses Appeal u/s 68 of Income Tax Act Due to Absence of Explanation for Transactions [Read Order]")
Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 40 lakhs under Section 68 of the Income Tax Act, 1961 as the identity, creditworthiness of the...
![Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Kolkata-Income-Tax-Section-411-of-Income-Tax-Act-Trading-Liability-Due-Absence-of-Liability-in-Books-Taxscan-1.jpg "Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]")
Section 41(1) of Income Tax Act Cannot Be Invoked for Cessation of Trading Liability Due to Absence of Liability in Books: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that absence of liability in books of account, provision of Section 41(1) of Income Tax Act, 1961 cannot be invoked as cessation...
![Section 41(1) of Income Tax Act Cannot Be Invoked for Cessation of Trading Liability Due to Absence of Liability in Books: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Kolkata-Income-Tax-Section-411-of-Income-Tax-Act-Trading-Liability-Due-Absence-of-Liability-in-Books-Taxscan.jpg "Section 41(1) of Income Tax Act Cannot Be Invoked for Cessation of Trading Liability Due to Absence of Liability in Books: ITAT [Read Order]")
Source of Funds Adequately Explained: ITAT Deletes Addition under Section 68 of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an addition under Section 68 of the Income Tax Act, 1961 concluding that the source of funds was prima facie sufficiently...
![Source of Funds Adequately Explained: ITAT Deletes Addition under Section 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Income-Tax-Appellate-Tribunal-Section-68-of-the-Income-Tax-act-Income-Tax-Income-Tax-act-source-of-funds-taxscan.jpg "Source of Funds Adequately Explained: ITAT Deletes Addition under Section 68 of Income Tax Act [Read Order]")
![Section 194C is not applicable on payments made by assessee Unless a charge is being determined: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Kolkata-Income-tax-appellate-tribunal-Section-194C-Income-tax-taxscan.jpg "Section 194C is not applicable on payments made by assessee Unless a charge is being determined: ITAT [Read Order]")
Increases in Short Term Loans and Advances Duly Explained: ITAT deletes Addition of Rs. 3.86 Crores u/s 69 of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 3.86 crores under Section 69 of the Income Tax Act, 1961 determining that the alleged increases in...
AO Fails to Probe Evidence, Relies Solely on Non-Production of Directors of Subscribing Companies: ITAT Deletes Section 68 Addition [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the Section 68 addition under Income Tax Act, 1961, noting that the Assessing Officer ( AO ) failed to investigate the evidence...
Subscribers Affirms Investments in Equity shares of company, Explains Source of Funds: ITAT deletes addition of Rs. 57.5 crores u/s 68 [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 57.5 Crores under Section 68 of Income Tax Act, 1961 after the subscribers affirmed their investments in...
