Blog Categories
Subscribe to Newsletter
Join our subscribers list to get the latest Tax Updates and Opportunities.
Knowledge Portal
Click here to explore deep insights, FAQs, and comprehensive tax guides.
Explore Now
Estimated Income under Section 145(3) Reduced by Deducting Declared Business Income: Assessee Entitled to Set-Off of Returned Profit – Ashok Prasad Gupta vs. ITO (ITAT)
Facts of the CaseThe
assessee, an individual engaged in the country liquor business, filed his
return of income for Assessment Year 2017-18 on 04.01.2017 declaring total
income of ₹3,97,510. The case was selected fo...
Addition under Section 68 Deleted Where Identity, Creditworthiness and Genuineness Established: Pancham Marketings Pvt. Ltd. vs. DCIT, Circle-5(1), Kolkata (ITAT)
Facts of the CaseThe
assessee, Pancham Marketings Pvt. Ltd., filed its return of income for
Assessment Year 2022-23 on 30.09.2022 declaring total income of ₹21,96,23,000
and book profit under Section 115JB of ₹21,...
Bogus Sale Addition Remanded to Avoid Double Taxation and Reassessment for AY 2015-16 Quashed as Time-Barred: Nezone Tubes Limited vs. DCIT (ITAT)
Facts of the CaseThe
assessee, Nezone Tubes Limited, is engaged in the business of manufacturing
M.S. Pipes and Galvanized Pipes. For Assessment Year 2011-12, the assessee
filed its return declaring total income of â‚...
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...