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Addition on Estimated Commission and CIT(A) Enhancement on Alleged Bogus Purchases Deleted: No Rejection of Books and Genuine E-Way Bills – Rainbow Vanijya Pvt. Ltd. vs. ACIT (ITAT)
Facts of the CaseThe
assessee, Rainbow Vanijya Pvt. Ltd., filed its return of income for Assessment Year
2020-21 on 24.03.2021 declaring a loss of ₹1,97,88,455. The case was selected
for scrutiny on issues relating ...
Bogus Share Transaction Addition under Section 68 Set Aside for Fresh Adjudication: Matter Remanded Due to Non-Consideration of Assessee’s Submissions – Rajkumari Dhanuka vs. ITO (ITAT)
Facts of the CaseThe
assessee, Rajkumari Dhanuka, filed her return of income for Assessment Year
2012-13 on 01.08.2012 declaring total income of ₹13,71,975, including
short-term capital gain of ₹7,03,927. The retu...
Appeal Dismissed for Non-Prosecution Set Aside and Matter Remanded for De Novo Assessment: Gita Sharma vs. ITO, Ward-2(4), Durgapur (ITAT)
Facts of the
CaseThe assessee, Gita
Sharma, is engaged in the business of running a petrol pump under the name and
style of M/s Kamala Filling Station. She filed her return of income for
Assessment Year 2017-18 decla...
Ex Parte Order of CIT(A) Set Aside and Matter Remanded for Fresh Adjudication in Reassessment Based on Estimated Turnover Income: Islander Housing Project Pvt. Ltd. vs. ITO (ITAT Kolkata)
Facts of the CaseThe assessee, Islander Housing Project Private Limited, is a private
limited company which did not file its return of income for Assessment Year
2020-21. The Assessing Officer noticed substantial cash ...
Delay of 189 Days Condoned and Appeal Restored for Merits: Capital Gains Dispute under Section 50C and 54EC Remanded – Rina Ray vs. ITO, Darjeeling (ITAT)
Facts of the CaseThe
assessee, Rina Ray, did not originally file her return of income for Assessment
Year 2018-19. Based on information of high-value transactions, proceedings were
initiated, and the assessee subseque...
Bogus Purchase Addition Set Aside for De Novo Assessment in Interest of Natural Justice: Gyan Prakash Gupta vs. ITO, Ward-43(1), Kolkata (ITAT)
Facts of the CaseThe assessee, an individual, filed his return of income for
Assessment Year 2018-19 on 22.09.2018 declaring total income of ₹17,31,310.
Based on information received through the Insight Portal from t...
Addition under Section 68 Deleted Where Unsecured Loan Fully Repaid in Same Year: Reassessment Consequence Set Aside – Mirabelle Tradecomm Pvt. Ltd. vs. ITO, Kolkata (ITAT)
Facts of the CaseThe
assessee, Mirabelle Tradecomm Private Limited, filed its return of income for
Assessment Year 2018-19 on 30.10.2018 declaring total income of ₹1,26,500. The
assessee is engaged in the business o...
Rejection of Registration under Sections 12A and 80G Set Aside for Fresh Consideration: Jhagru Baba Foundation vs. CIT (Exemption), Kolkata (ITAT)
Facts of the CaseThe assessee, Jhagru Baba Foundation, a charitable trust,
filed an application in Form No. 10AB on 18.10.2024 seeking registration under
Section 12A(1)(ac)(vi)(B) and approval under Section 80G of the ...
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 ...