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Archive: 27 May 2024

Posts in 27 May 2024

Classification of imported broomsticks: CESTAT directs re-adjudication

May 27, 2024 186 Views 0 comment Print

Detailed analysis of Rajat International’s appeal against Customs duty, interest, and penalty for importing plastic broomsticks. Learn about the classification dispute and legal arguments.

Pre-existing Dispute Bars Section 9 Application Against Corporate Debtor: NCLAT Delhi

May 27, 2024 147 Views 0 comment Print

NCLAT Delhi rules on Sanam Fashion Vs Ktex Nonwovens case, addressing a pre-existing contractual dispute on delivery terms and goods transportation under IBC.

Despite Duty Payment Under Protest cannot be treated as acceptance of re-assessment

May 27, 2024 300 Views 0 comment Print

CESTAT Bangalore directs re-adjudication rejecting appeals on classification of imported insoluble sulphur. Detailed analysis and implications discussed.

ITAT deletes addition for cash deposit linked to Sale of Property

May 27, 2024 6021 Views 0 comment Print

ITAT Chennai deletes Rs. 16.8 lakhs addition, finding no evidence to prove properties sold by taxpayer were agricultural land in D. Ramagopal Vs ACIT case.

Customs Permission for De-bonding Burnt Capital Goods Precludes Extended Limitation

May 27, 2024 183 Views 0 comment Print

CESTAT Bangalore rules on Mineral Enterprises Ltd. case, emphasizing no extended limitation for de-bonding burnt goods amid riots. Detailed analysis inside.

Only profit element embedded in bogus purchases should be added to income

May 27, 2024 3834 Views 0 comment Print

In the case of Sangam Wires Vs ITO, ITAT Hyderabad directed AO to restrict addition of Rs. 16.8 crores as bogus purchases, focusing on the profit embedded amount. Get insights here.

AO Cannot Reject claim of Cash Deposit Against Withdrawals Based on Assumption: ITAT Kolkata

May 27, 2024 864 Views 0 comment Print

Explore the ITAT Kolkata ruling on Sunil Khaitan Vs DCIT, delving into the adequacy of fund sources under Section 68 of the Income Tax Act.

Section 115BBDA Does Not Apply to Domestic Companies: ITAT Hyderabad

May 27, 2024 420 Views 0 comment Print

ITAT Hyderabad rules Section 115BBDA of the Income Tax Act does not apply to domestic companies, deleting the addition made by the Income Tax Officer.

Section 154(1A): AO cannot rectify any matter already decided in Appeal proceeding

May 27, 2024 615 Views 0 comment Print

Discover the ITAT Delhi ruling in Anurag Singh vs. ITO, where it was decided that AO cannot rectify issues already settled by CIT(A). Full case analysis and implications.

Insolvency & Bankruptcy Board of India: Governing Board, Impact functions & powers

May 27, 2024 522 Views 0 comment Print

Learn about the Insolvency and Bankruptcy Board of India (IBBI), its functions, impact, and powers. Understand its role in regulating insolvency proceedings and promoting a transparent framework.

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