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
![95% of Appeals in relation to Share Application and Share Premium are filed by Shell Companies: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Appeals-Share-Application-Share-Premium-Shell-Companies-ITAT-Kolkata-taxscan.jpg "95% of Appeals in relation to Share Application and Share Premium are filed by Shell Companies: ITAT Kolkata [Read Order]")
95% of Appeals in relation to Share Application and Share Premium are filed by Shell Companies: ITAT Kolkata [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has recently observed that the appeals filed in relation to share application and share...
![AO cannot Work Out Disallowance of Miscellaneous Expenditure on Guess Work Basis: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/AO-Disallowance-of-Miscellaneous-Expenditure-Disallowance-Miscellaneous-Expenditure-ITAT-taxscan.jpg "AO cannot Work Out Disallowance of Miscellaneous Expenditure on Guess Work Basis: ITAT [Read Order]")
![Appeal filed after 4 Years cannot be Condoned without Valid Reason: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Appeal-Condoned-Valid-Reason-ITAT-TAXSCAN.jpg "Appeal filed after 4 Years cannot be Condoned without Valid Reason: ITAT [Read Order]")
![Housing Loan and Interest Paid thereon for Construction of Rented House Eligible for Deduction u/s 2(24)(b) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Housing-Loan-Interest-Rented-House-Construction-of-Rented-House-Deduction-Income-Tax-Act-Income-Tax-ITAT-taxscan.jpg "Housing Loan and Interest Paid thereon for Construction of Rented House Eligible for Deduction u/s 2(24)(b) of Income Tax Act: ITAT [Read Order]")
Protective Addition made to Save Interest of Revenue not permissible, Assessment can't be reopened based on contingent reason: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has held that Protective addition made to save interest of revenue is not permissible and the assessment can't be reopened based on...
![Protective Addition made to Save Interest of Revenue not permissible, Assessment cant be reopened based on contingent reason: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Protective-Addition-Interest-Interest-of-Revenue-Assessment-ITAT-taxscan-2.jpg "Protective Addition made to Save Interest of Revenue not permissible, Assessment cant be reopened based on contingent reason: ITAT [Read Order]")
AO failed to enquire about bogus Transactions of Earning LTCG from Penny Stock Companies: ITAT upholds Revisional Order [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the revisional order when the Assessing Officer (AO) failed to enquire about bogus Transactions of earning long-term capital...
![AO failed to enquire about bogus Transactions of Earning LTCG from Penny Stock Companies: ITAT upholds Revisional Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/bogus-Transactions-LTCG-Penny-Stock-Companies-Penny-Stock-ITAT-Revisional-Order-enquire-taxscan.jpg "AO failed to enquire about bogus Transactions of Earning LTCG from Penny Stock Companies: ITAT upholds Revisional Order [Read Order]")
Use of Building by Assessee-Trust without consideration is not Unexplained Investment: ITAT [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ), ruled that use of building by assessee-trust without consideration is not unexplained investment. The assessee, Abhodh Memorial...
![Use of Building by Assessee-Trust without consideration is not Unexplained Investment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Building-Trust-Unexplained-Investment-Investment-ITAT-Taxscan.jpg "Use of Building by Assessee-Trust without consideration is not Unexplained Investment: ITAT [Read Order]")
Relief to Doloo Tea Company: ITAT deletes Income Tax Addition made by Taxing Sale of Tea bushes and Shade Trees [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), deletes addition made by taxing sale of tea bushes and shade trees, thereby granting relief Doloo Tea Company (India) Ltd, the assessee....
![Relief to Doloo Tea Company: ITAT deletes Income Tax Addition made by Taxing Sale of Tea bushes and Shade Trees [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Doloo-Tea-Company-ITAT-Income-Tax-Addition-Taxing-Tea-bushes-Shade-Trees-TAXSCAN.jpg "Relief to Doloo Tea Company: ITAT deletes Income Tax Addition made by Taxing Sale of Tea bushes and Shade Trees [Read Order]")
Treating Share Subscription by One Party as Unexplained Cash Credit: ITAT deletes Income Tax Addition [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Kolkata Bench consisting of Sanjay Garg, Judicial Member and Dr. Manish Borad, Accountant Member deleted addition as there was treating share subscription...
![Treating Share Subscription by One Party as Unexplained Cash Credit: ITAT deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Share-Subscription-Unexplained-Cash-Credit-Unexplained-Cash-Cash-Credit-ITAT-Taxscan.jpg "Treating Share Subscription by One Party as Unexplained Cash Credit: ITAT deletes Income Tax Addition [Read Order]")
Trading Liabilities incurred with Corresponding Purchases cannot be the subject matter of Addition u/s 68: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that trading liabilities incurred with corresponding purchases cannot be the subject matter of addition under section 68 of the...
![Trading Liabilities incurred with Corresponding Purchases cannot be the subject matter of Addition u/s 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Trading-Liabilities-incurred-Corresponding-Purchases-ITAT-TAXSCAN.jpg "Trading Liabilities incurred with Corresponding Purchases cannot be the subject matter of Addition u/s 68: ITAT [Read Order]")
Provisions of Section 43CA of Income Tax Act can invoke only When Sale Value of Property price lesser than Stamp Value: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has held that provisions of Section 43CA of Income Tax Act,1961 can invoke only when sale value of property price lesser than stamp...
![Provisions of Section 43CA of Income Tax Act can invoke only When Sale Value of Property price lesser than Stamp Value: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Provisions-Income-Tax-Act-Income-Tax-Tax-Sale-Value-Property-price-Sale-Value-of-Property-Stamp-Value-ITAT-Taxscan-.jpg "Provisions of Section 43CA of Income Tax Act can invoke only When Sale Value of Property price lesser than Stamp Value: ITAT [Read Order]")