ITAT Bangalore held that deduction towards reversal of provision for inventory written off due to obsolescence allowable since the same stands offered to tax in the year in which provision was created.
The assessee is engaged in the business of letting out buildings both residential and non-residential. The case of the assessee was selected for scrutiny and accordingly statutory notices u/s. 143(2) and 142(1) of the Act.
ITAT Vishakhapatnam allowed weighted deduction under section 35(2AB) of the Income Tax Act since amount received from Department of Scientific & Industrial Research [DSIR] is soft loan and hence cannot be considered as grant-in-aid.
CESTAT Allahabad held that material imported based MOEF permission by a company cannot be diverted to any other unit for any purpose other than one stated in permission letter.
ITAT Visakhapatnam held that addition under section 68 r.w.s. 115BBE of the Income Tax Act deleted as the source for capital investment properly explained by the assessee. Accordingly, addition deleted.
CESTAT Chennai held that no customs duty could be demanded on the material intended for use in the factory, however, were destroyed by fire accident. Accordingly, duty demand not sustained.
On verification of the bank account copies and the other material available before him, AO noticed that the assessee made cash deposits amounting to Rs. 24,31,000/- by way of Specified Bank Notes [“SBNs”].
CBDT grants tax exemption to the Petroleum and Natural Gas Regulatory Board for AY 2024-25 under Section 10(46A) of the Income Tax Act, 1961.
CBIC designates Jajpur, Odisha, as an authorized site for loading/unloading imported/exported goods under Customs Act in Notification No. 78/2024-Customs (N.T.).
Ministry of Finance updates customs tariff values for crude oils, metals, and areca nuts with effect from November 13, 2024. No change in tariff rates.
