ITAT Quashes Assumption-Based Additions; Holds Tax Additions Are Unjustified Without Solid Evidence The ITAT Kolkata Bench recently gave relief to Balmukund Concast Pvt. Ltd by dismissing two appeals of the tax authorities relating to Assessment Years 2019-20 and 2023-24 and allowing the company’s appeal. The tribunal flagged that tax additions must be backed by proper…
Missed Section 54 in Initial ITR? ITAT Says You Can Still Claim It During Appellate Proceedings ITAT Kolkata, in a recent significant ruling, highlighted that if a taxpayer fails to claim Section 54 exemption both in his/her initial and revised ITR, he/she is still entitled to relief, as such a claim can still be considered…
ITAT Sets Aside Rs 92.67 Crore Income Tax Addition for Violation of Natural Justice The ITAT Kolkata condoned the delay of 58 days in filing the appeal, holding that the non-compliance was not the fault of the assessee but due to the careless behaviour of the tax consultant. The case is sent back to the…
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