Assessee was engaged in the business of slimming and beauty services. During assessment proceedings, AO observed that assessee was carrying substantial credit balances as current liabilities under the head ‘Advance from customers’.
ITAT Surat held that when any expense is not claimed, no disallowance is permissible. Accordingly, disallowance u/s. 43B on account of unpaid service tax not warranted as the same is not claimed as deduction in P&L account.
However, the assessee did not comply with the notices issued and therefore, AO completed the scrutiny assessment in the case of the assessee for the AY 2017-18 as best judgment assessment U/s. 144 of the Act and passed the assessment order.
ITAT Delhi held that reasons recorded for exercising the jurisdiction is plagued with several defects of critical nature. Thus, due to lack of jurisdiction u/s. 147 of the Income Tax Act reassessment proceedings held as bad-in-law.
Allahabad High Court held that benefit of Input Tax Credit in case of mentioning of wrong GSTIN of recipient needs to be analysed as per Circular No. 183/15/2022-GST. Accordingly, order set aside with direction.
Delhi High Court held that petitioner is duly entitled for the grant of duty drawback since the export proceeds have been realised within the stipulated period as prescribed in FEMA. Thus, held that freezing of bank account not justified.
ITAT Jaipur reviews Vimla Devi Agrotech Ltd.’s penalty appeal for non-maintenance of accounts under section 271B of the IT Act, highlighting procedural errors.
ITAT Jaipur allowed Naval Kishore’s appeal, ruling that no additions could be made under Section 153A, as no incriminating material was found during the search.
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