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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 ...
Reopening after Post-01.04.2021 Search Upheld but Section 68 Addition on Sale of Investments Deleted for Arbitrary and Inconsistent Approach: BMS Sales Pvt. Ltd. vs. DCIT (ITAT Kolkata)
Facts of the CaseThe assessee filed its return of income for Assessment Year 2019-20 on
31.10.2019 declaring income under normal and MAT provisions. A search under
Section 132 was conducted on 17.09.2021 on the Agarwal...
Reopening Quashed as Change of Opinion without New Tangible Material: West Bengal Electronics Industry Development Corporation Ltd. vs. CIT(A), NFAC (ITAT)
Facts of the CaseThe
assessee, a Government of West Bengal undertaking and nodal agency for
development of the IT and IT-enabled services sector in the State, filed its
return of income for Assessment Year 2012-13 on ...
Sections 56(2)(viia) and 50D Validly Applied to Share Allotment and Sale to Group Entities: Madhur Coal Mining Pvt. Ltd. vs. DCIT (ITAT Kolkata)
Facts of the CaseThe assessee filed its return of income for Assessment Year 2015-16 on
29.09.2015 declaring nil income and a current year loss of ₹10,31,82,416. The
case was selected for limited scrutiny under CASS ...
Deletion of Entire Bogus Purchase Addition Upheld Where Sales Accepted and Books Not Rejected: ITO, Ward-1(2), Siliguri vs. Binoy Agarwal (ITAT Kolkata)
Facts of the CaseThe assessee, Binoy Agarwal, is engaged in the business of trading in
furnishing items and filed his return of income for Assessment Year 2021-22 on
01.03.2022 declaring total income of ₹1,33,64,769....