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
![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]")
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...
![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]](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]")
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...
Profit derived from Services Rendered as Public Utility Service is Very Meager: ITAT directs AO to allows Exemption u/s 11 of Income Tax Act [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer ( AO ) to allow exemption under Section 11 of the Income Tax Act, 1961 acknowledging that profit derived from services...
![Profit derived from Services Rendered as Public Utility Service is Very Meager: ITAT directs AO to allows Exemption u/s 11 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Kolkata-tax-update-Income-Tax-Act-tax-news-Taxscan.jpg "Profit derived from Services Rendered as Public Utility Service is Very Meager: ITAT directs AO to allows Exemption u/s 11 of Income Tax Act [Read Order]")
ITAT Deletes disallowance of payment made on account of Forward Contract Loss incurred towards hedging Foreign Exchange Fluctuation Loss on FCNRB Loan Account [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal (ITAT) deleted the disallowance of payment made on account of the Forward Contract Loss incurred towards hedging Foreign...
![ITAT Deletes disallowance of payment made on account of Forward Contract Loss incurred towards hedging Foreign Exchange Fluctuation Loss on FCNRB Loan Account [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-09-at-3.03.51-PM.jpeg "ITAT Deletes disallowance of payment made on account of Forward Contract Loss incurred towards hedging Foreign Exchange Fluctuation Loss on FCNRB Loan Account [Read Order]")
Deduction cannot be claimed by Assessee when Employees’ contribution not being paid to the respective PF & ESI Acts: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) ruled deduction cannot be claimed by Assessee when employees’ contribution not being paid to the respective Provident Fund ( PF ) and...
![Deduction cannot be claimed by Assessee when Employees’ contribution not being paid to the respective PF & ESI Acts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/PF-PF-and-ESI-acts-Employees-State-Insurance-Deduction-Income-tax-deduction-taxscan.jpg "Deduction cannot be claimed by Assessee when Employees’ contribution not being paid to the respective PF & ESI Acts: ITAT [Read Order]")
![Depreciation Must be Removed While Calculating Net Margin: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Kolkata-Depreciation-taxscan.jpg "Depreciation Must be Removed While Calculating Net Margin: ITAT [Read Order]")
ITAT directs Matter to CIT(E) citing Form No.10AB Application should be Construed u/s 12A(1)(ac)(i) of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) directed the matter to Commissioner of Income Tax (Exemption), emphasizing that the application in Form No.10AB should be construed under...
![ITAT directs Matter to CIT(E) citing Form No.10AB Application should be Construed u/s 12A(1)(ac)(i) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Kolkata-ITAT-Income-Tax-Income-tax-news-Commissioner-of-Income-Tax-taxscan.jpg "ITAT directs Matter to CIT(E) citing Form No.10AB Application should be Construed u/s 12A(1)(ac)(i) of Income Tax Act [Read Order]")