ITAT Pune directed addition u/s. 68 of the Income Tax Act towards unsecured loans as appellate deliberately withhold information from NFAC and NFAC failed to examine the nature of transaction and passed order in perfunctory manner.
ITAT Pune rules in favor of Ashok Ravsaheb Tambe, deleting addition of cash deposits during demonetization, explained as proceeds from a gold loan.
RBI revises NBFC-P2P lending guidelines, clarifying provisions to prevent misuse and ensure compliance. Key changes include fund transfer rules and disclosure requirements.
ITAT Mumbai held that penalty u/s. 271(1)(c) of the Income Tax Act not imposable in absence of wilful intention on the part of the assessee to conceal income since all the errors in original return was rectified vide revised return.
Rajasthan HC rules on N.H. Lubricants case involving fake firms and ITC claims. Court directs petitioner to seek alternative remedies and dismisses petition.
CESTAT Delhi held that imposition of penalty and revocation of customs broker license justified as customs broker abetted the illegal export and also failed to comply with the provisions of CBLR, 2018.
Rajasthan High Court orders adjudicating authority to reconsider the dual classification of Aerosol Valves under Customs Tariff Headings.
ITAT Pune remands the case of Suhas Maruti Dhankude for re-adjudication due to non-adjudication of jurisdictional grounds and failure to state point of determination.
ITAT Pune held that the DTAA does not get triggered at all when a domestic company pays DDT u/s. 115O of the Income Tax Act. In nut-shell, domestic company doesn’t enter domain of DTAA at all.
ITAT Delhi rules against Instronics Limited’s bad debt claim, asserting NBFC loan was merely fund transfer, upholding Rs. 53.11 lakh disallowance.
