ITAT Kolkata held that addition towards share capital and share premium under section 68 of the Income Tax Act untenable as assessee discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions.
ITAT Delhi held that revisional power under section 263 of the Income Tax Act not invocable in case of inadequate inquiry, in fact, revisional power is invocable only in case of lack of inquiry.
CESTAT Delhi held that service charges for pre-payment or foreclosure of loan amount by the customer cannot be treated as taxable service and is not chargeable to service tax.
CESTAT Chennai held that Saccharomyces Boulardii being yeast is classifiable under chapter 21 and not under CTH 29183090 as Carboxylic acid.
ITAT Bangalore held that insurance charges incurred by the assesse are not attributable to delivery/ export of computer software outside India and hence cannot be included in export turnover.
CESTAT Kolkata held that the statutory limitation period prescribed under Section 11B of Central Excise Act would not be applicable to amounts paid under mistake of law.
CESTAT Chennai held that unjust enrichment is not applicable to refund consequent upon finalization of provisional assessment under Rule 9B of Central Excise Rules, 1944.
ITAT Chennai held that amount paid by company on behalf of shareholder which has been subsequently re-paid by the shareholder or his family members either on the same day or within a short period cannot be considered as loan or advance which can be treated as deemed dividend u/s.2(22)(e) of the Act.
CESTAT Mumbai held that non-reflection of Cenvat Credit in ST-3 return cannot be ground to deny refund of unutilized cenvat credit.
ITAT Bangalore held that business of the assessee is to invest in shares and that the borrowing was for the purpose of business. Accordingly, interest paid on such borrowing is allowable under section 36(1)(iii) of the Income Tax Act.
