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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...
Addition under Section 56(2)(x) Deleted in Tax-Neutral Demerger: Compliance with Section 2(19AA) and Section 47(vib) Upheld – ACIT vs. Emami Realty Limited (ITAT)
Facts
of the CaseThe
assessee, Emami Realty Limited, is a listed company engaged in real estate
development. Pursuant to a scheme of arrangement approved by the NCLT, the real
estate undertaking of Oriental Sales Age...
Reopening under Section 148 after Search Upheld and Addition Restricted to Gross Profit on Undisclosed Purchases: Shakambhari Ispat & Power Ltd. vs. DCIT (ITAT Kolkata)
Facts of the CaseThe assessee, M/s Shakambhari Ispat & Power Ltd., filed its return
of income for Assessment Year 2019-20 declaring total income of ₹17,25,39,330
under normal provisions and ₹51,82,85,619 under ...