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CESTAT Allahabad dismissed the appeal for non-prosecution as repeated adjournments were asked for in mechanical and routine manner.
ITAT Chennai held that notice u/s 148 of the Income Tax Act being issued mechanically by AO without going through the original assessment records and without verification of documents on records is unsustainable in law.
CESTAT Kolkata held that payment of interest doesn’t arise in the case of revenue neutral situation and hence no interest is payable by the appellant.
Allahabad High Court disposed of the writ petition stating that it is premature to reach a fact conclusion whether Ethephon is an insecticide to which exemption is available or not available under Section 38(1)(b) of the Insecticide Act, 1968 as proceeding u/s 124 is pending.
ITAT Kolkata held that there is no finding that interest bearing funds have been applied for purpose of making investment. Further, on account of sufficient availability of interest free funds, interest disallowance under rule 8D(2)(ii) unjustified.
Learn about LLP partner remuneration, including capital interest, profit sharing, and salary, and understand the limits imposed by Income Tax Act. Make informed decisions for your LLP
ITAT Mumbai held that the assessee had furnished sufficient evidences to justify the genuineness of the payments and therefore their mere non-attendance of summons, cannot be reason enough to disbelieve the genuineness of the transactions with them. Accordingly, addition u/s. 69C deleted.
Learn about ICAI’s reporting requirements for fees disclosure under revised Code of Ethics. Discover key details and implications for CA firms.
