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Section 14A Disallowance and Ad-hoc Expense Disallowances Set Aside: Matter Remanded for Fresh Examination – Century Commotrade Pvt. Ltd. vs. ITO, Kolkata (ITAT)
Facts of the CaseThe
assessee, Century Commotrade Private Limited, filed its return of income for
Assessment Year 2013-14 on 26.09.2013 declaring total income of ₹17,08,950. The
case was selected for scrutiny and no...
Addition under Section 68 on Share Capital and Premium Deleted for AY 2008-09: Proviso to Section 68 Not Retrospective – Abhiruchi Marketing Pvt. Ltd. vs. ITO (ITAT)
Facts of the CaseThe
assessee, Abhiruchi Marketing Pvt. Ltd., filed its return of income for
Assessment Year 2008-09 declaring total income of ₹157. The case was initially
processed under Section 143(1) and subseque...
Addition under Section 68 Deleted Where Identity, Creditworthiness and Genuineness Proved Despite Non-Appearance of Share Subscribers: Happy Homes & Houses Pvt. Ltd. vs. ITO (ITAT Kolkata)
Facts of the CaseThe assessee filed its return of income for Assessment Year 2012-13 on
26.09.2012 declaring total income of ₹1,120. The case was selected for scrutiny
on account of large share premium received. Duri...
Reassessment Quashed Beyond Four Years for Borrowed Satisfaction and Non-Speaking Disposal of Objections: Shree Krishna Gyanodaya Flour Mills Pvt. Ltd. vs. ACIT (ITAT)
Facts of the CaseThe
assessee filed its return of income for Assessment Year 2011-12 on 30.09.2011
declaring nil income. The assessment was completed under Sections 153A read
with 143(3) on 27.03.2014 at nil income. S...
Reassessment Quashed for Borrowed Satisfaction and Bar of Limitation: DCIT vs. Vedanta Resources Private Limited (ITAT Kolkata)
Facts of the CaseThe assessee, Vedanta Resources Private Limited, filed its return of
income for Assessment Year 2016-17 on 08.08.2016 declaring total income of
₹6,100. A survey under Section 133A was earlier conduct...
Revenue Appeal Dismissed on Multiple Issues Including Section 14A, Capital vs Revenue Expenditure and Transfer Pricing Adjustments: DCIT vs. Eureka Forbes Ltd. (ITAT Kolkata)
Facts of the
CaseThe Revenue filed
appeals against separate orders passed by the Commissioner of Income Tax
(Appeals), Kolkata for Assessment Years 2012-13, 2013-14, 2014-15 and 2015-16
in the case of Eureka Forbes L...
Addition under Section 68 on Share Capital Deleted for AY 2012-13: No Requirement to Explain Source of Source Prior to Proviso – Exotica Enclave Pvt. Ltd. vs. ITO (ITAT)
Facts of the CaseThe
assessee, Exotica Enclave Pvt. Ltd., is a private limited company engaged in
the business of real estate. It filed its return of income for Assessment Year
2012-13 on 24.12.2012 declaring total in...
Reassessment under Section 147 Quashed Where Action Should Have Been Taken under Section 153C: DCIT vs. Suresh Kumar Banthia (ITAT Kolkata)
Facts of the CaseThe assessee’s original assessment for Assessment Year 2016-17 was
completed under Section 143(3) read with Section 153A on 31.12.2018. A search
under Section 132 was conducted on 30.11.2018 in the c...
Exemption under Section 54F Allowed Despite Prior Construction and Joint Ownership: Sale of Shares and Investment in Residential House – Saroj Goenka vs. ITO, Kolkata (ITAT)
Facts of the CaseThe
assessee filed her return of income for Assessment Year 2021-22 declaring total
income of ₹1,87,69,130. During the year, she sold 36,00,000 shares of Emami
Ltd. on 13.07.2020 for a total conside...
Rental Income Taxable as Income from House Property and Jurisdictional Objection Rejected under Section 124: Veerprabhu Auto Pvt. Ltd. vs. ACIT, Kolkata (ITAT)
Facts
of the CaseThe
assessee, Veerprabhu Auto Pvt. Ltd., filed its return of income for Assessment
Year 2016-17 declaring a loss of ₹1,46,903. During the relevant year, the
assessee earned rental income of ₹9,48...