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Penalty under Section 271(1)(c) Quashed Where Quantum Addition Set Aside for De Novo Assessment: Jyoti Shroff vs. DCIT, Kolkata (ITAT)
Facts of the CaseThe assessee, an individual, filed her return of income for
Assessment Year 2014-15 declaring total income of ₹18,20,730. The case was
selected for scrutiny and assessment was completed under Section...
Ex-Parte Appellate Order Set Aside in Alleged Penny Stock Accommodation Entry Case: Matter Remanded for Fresh Adjudication – Dipankar Dutta vs. ITO, Kolkata (ITAT)
Facts of the CaseThe
assessee, Dipankar Dutta, an individual, filed his return of income for
Assessment Year 2016-17 declaring total income of ₹2,64,390. Based on
information received from the Investigation Wing, a ...
Revenue Appeal Dismissed as Infructuous Due to Approved Resolution Plan under IBC: Section 14A Disallowance Proceedings Barred – DCIT vs. Hindusthan National Glass & Industries Ltd. (ITAT)
Facts of the CaseThe
assessee, Hindusthan National Glass and Industries Limited, filed its return of
income for Assessment Year 2011-12 declaring total income of ₹1,01,21,34,588.
During assessment proceedings, the A...
Disallowance of Club Expenses Deleted and Section 14A Addition Restricted: Veedol Corporation Limited vs. DCIT, Circle-4(1), Kolkata (ITAT)
Facts of the CaseThe
assessee, Veedol Corporation Limited, filed its return of income for Assessment
Year 2017-18. During assessment proceedings, the Assessing Officer observed
that the assessee had debited club subsc...
Rejection of Registration under Section 12A Set Aside for Fresh Opportunity to Establish Genuineness of Activities: Kiran Educational Trust vs. CIT (Exemption), Kolkata (ITAT)
Facts of the
CaseThe assessee,
Kiran Educational Trust, filed an application in Form No. 10AB seeking
registration under Section 12A(1)(ac)(iii) of the Income-tax Act. The CIT
(Exemption), Kolkata issued notice dated...
Order of CIT(A) Set Aside for Violation of Rule 46A: Matter Remanded for Fresh Adjudication on Unexplained Investment under Section 69B – ITO vs. Chunakhali Samabay Krishi Unnayan Samiti Ltd. (ITAT)
Facts of the CaseThe
assessee, Chunakhali Samabay Krishi Unnayan Samiti Limited, is a primary
agricultural cooperative society registered under the West Bengal Cooperative
Societies Act. It filed its return of income ...
Addition under Section 68 Deleted for Genuine Unsecured Loans from Related Parties: Value Plus Retail Private Limited vs. DCIT, Circle-3(1), Kolkata (ITAT)
Facts of the CaseThe
assessee, Value Plus Retail Private Limited, filed its return of income for
Assessment Year 2012-13 on 28.09.2013 declaring total income of ₹1,88,54,010.
During the year, the assessee had raised...
Rejection of Approval under Section 80G Set Aside for Procedural Lapse and Delay in Form 10AB: Loksakha Welfare Society vs. CIT (Exemption), Kolkata (ITAT)
Facts of the
CaseThe assessee,
Loksakha Welfare Society, is a charitable society incorporated on 19.01.2004
with objects including relief of the poor, education, medical relief, yoga,
preservation of environment and ...
Rejection of Form 10AB Set Aside and Registration under Section 12A Restored: St. Thomas Syro Malabar Catholic Church vs. CIT (Exemption), Kolkata (ITAT)
Facts of the CaseThe
assessee, St. Thomas Syro Malabar Catholic Church, is a charitable institution
engaged in religious and charitable activities. It was originally registered
under Section 12AA with effect from Asse...
Revenue Appeals Dismissed as Infructuous Due to Approved Resolution Plan under IBC: Income-tax Proceedings Barred by Moratorium – ITO vs. Sarga Hotel Pvt. Ltd. (ITAT)
Facts of the CaseThe
Revenue filed appeals against separate orders passed by the CIT(A), NFAC, Delhi
under Section 250 of the Income-tax Act for Assessment Years 2013-14 and
2014-15. The assessments were originally fr...