ITAT Kolkata Judgments — May 2023

The Tribunal dismissed the assessee's appeal. It found the explanation for the delay to be casual and uncorroborated, especially for a company. The Tribunal also noted the assessee's consistent casual conduct throughout the assessment and appellate proceedings.

The Tribunal held that the donations were part of an organized fraud to claim bogus deductions. The assessee failed to prove the genuineness of the claim with circumstantial evidence.

The Tribunal held that tax authorities should not punish assessees for bona fide mistakes. The impugned orders were set aside, and the matter was restored to the Assessing Officer to examine the contentions and tax the assessee considering the revised return.

The Tribunal found merit in the assessee's contention that the lower authorities failed to consider the provided documents. The CIT(A) dismissed the appeal without considering the facts, and the Assessing Officer did not properly consider the evidence.

The tribunal decided that the assessee's grievance relates to the computation of income on account of the sale of a house property, specifically concerning the application of Section 50C.

The Tribunal set aside the CIT(A)'s ex parte order. The matter was restored to the CIT(A) for a fresh decision, with a direction to provide the assessee with a proper opportunity to present their case.

The Tribunal held that the donations were part of an organized fraud to claim bogus deductions. The assessee failed to prove the genuineness of the claim with circumstantial evidence.

The Tribunal, following the Calcutta High Court's decision in PCIT vs. Swati Bajaj & Ors, held that transactions in penny stock companies for booking capital gains/losses are bogus. The assessee failed to appear despite multiple opportunities.

The Tribunal held that the donation was not genuine and was part of an organized fraud to claim deductions. Following its own prior decisions on similar issues, the Tribunal found no merit in the assessee's appeal.