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Judicial Member Sanjay...

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

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the exemption under section 10(23C)(iiiab) of the Income Tax Act,1961 despite late...

Benefit u/s 80G of Income Tax Act Cannot be Denied due to Technical Error in Making Application For...

Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under...

Failure to serve Hearing Notice under Income Tax Act invalidates Ex-Parte Order: ITAT [Read Order]

Benefit of Sec 36(1)(Va) of Income Tax Act is not Claimable on Failure to Deposit Employees'...

Creditworthiness of Share Subscriber Companies Proven: ITAT deletes Addition of Unexplained Share Application Money under Income Tax Act [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of unexplained share application money under the Income Tax Act, 1961 as the creditworthiness of share subscriber...

No Addition u/s 68 of Income Tax Act on Share Premium allowable when Identity & Creditworthiness of Share Subscribers Proved: ITAT [Read Order]

In a recent ruling, the Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) held that once the assessee has proved the identity and creditworthiness of the share subscribers,the burden shifts...

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...

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...

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...

Property Sold in Low Price Due to Obstacles in Peaceful Enjoyment: ITAT deletes Capital Gains Addition based on DVO [Read Order]

In a recent ruling, the Kolkata bench Income Tax Appellate Tribunal ( ITAT ) deleted the capital gain addition made by the Assessing Officer (AO) as the tribunal was convinced that the assessee as a...

Taxpayer's Document Validates Identity and Transaction Genuineness: ITAT deletes Addition u/s 68 [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition under Section 68 of the Income Tax Act, 1961 after validating the taxpayer's document, affirming the identity...

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