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

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ITAT Kolkata

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

Assessing Officer can’t pass an Ex Parte order without Mentioning any reason for Confirming Addition on Merits: ITAT [Read Order]

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The Income Tax Appellate Tribunal Kolkata bench recently pronounced that Assessing Officer cannot pass an ex parte order without mentioning any reason...

Purchase of Shares of AE can’t be regarded as International Transaction and Investigation u/s 92...

Interest Income from Nationalized Banks is Business Income, Eligible for 80-P Deduction: ITAT [Read...

Mistake of Auditor who has Wrongly given the Figures and Made Wrong Observation can’t be basis for...

Income from Interest Received Temporarily Parked in the Banks and given as Unsecured Loan is...

ITAT Dismisses Revenue’s Plea since CBDT Circular is Binding on Them [Read Order]

The Kolkata ITAT recently held that the circulars issued by the Central Board of Direct Taxes (CBDT) is binding on the department and it cannot take a plea that such a circular is not valid or is...

A Sub-Licensee of Business Assets can’t be deemed as ‘Owner’ for the Purpose of Computing Rental Income: ITAT [Read Order]

The Income Tax Appellate Tribunal, Kolkata bench while upholding the order of CIT (A), held that sub-licensee of business assets cannot be deemed as ‘owner’ for the purpose of computing Rental Income...

No Addition for ‘Deemed Dividend’ when Assessee Pledged his Personal Properties to Bank to Borrow Money for Company: ITAT [Read Order]

The Income Tax Appellate Tribunal recently ordered that the provisions of ‘deemed dividend’ under the Income Tax Act would not attract in a case where the assessee pledged his personal properties to...

Penalty can’t be Levied for Delayed deduction of TDS Amount: ITAT Kolkata [Read Order]

The Income Tax Appellate Tribunal, Kolkata bench recently ordered that the penalty u/s 271C of the Income Tax Act cannot be levied for the delayed deduction of TDS amount. A division bench comprising...

CIT (A) has No Power to direct AO to Re-Open Assessment: ITAT [Read Order]

While dismissing a departmental appeal, the Income Tax Appellate Tribunal, Kolkata bench recently pronounced that CIT (A) has no jurisdiction to direct Assessing Officer to re-open assessment under...

Non-Imposition of Penalty in Assessment Order Constitute Error causing Prejudice to the Interest of Revenue: ITAT Upholds Revision [Read Order]

While upholding an order of revision, the Income Tax Appellate Tribunal, Kolkata bench recently held that non-initiation of penalty proceedings in the order of assessment would amount to error causing...

Cash Balance generated out of Cash Sales is Business Assets which can’t be deemed as ‘Cash in Hand’ for Wealth Tax: ITAT [Read Order]

The Kolkata bench of ITAT has held that cash balance generated out of cash sales cannot be treated as ‘cash in hand’ within the meaning of section 2(ea) of the Wealth Tax Act since the same constitute...

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