Delhi High Court dismisses Revenue’s appeal in Naveen Infradevelopers case, ruling that no addition can be made post-reassessment if no additions were made initially.
Delhi High Court held that non-satisfaction of conditions for reopening assessment u/s. 153C of the Income Tax Act doesn’t prohibit AO from taking recourse u/s. 147. Thus, reopening u/s. 147 based on information from investigation wing justified.
ITAT Ahmedabad held that appeal filed by the revenue is liable to be dismissed since the alleged accommodation entries are not entered by the assessee and no contrary evidences proving the same has been produced by the revenue.
Orissa High Court reinstates taxpayer’s appeal, acknowledging health issues that prevented attendance at hearings, allowing further defense opportunity.
The Appellant- Operational Creditor had undertaken to provide services for production of Television Commercial, print shoot and digital content for the Respondent -Patanjali Paridhan Private Limited under the terms of proforma invoice dated 17.10.2018.
CESTAT Ahmedabad held that the fuel oil lying in the engine room is part and parcel of the ship which is imported for breaking and hence CENVAT Credit is duly admissible on the same.
ITAT Ahmedabad upheld part of the unexplained investment addition for Rs. 79.35 lakh in Bhavin V. Maniar’s case, allowing time for further documentation.
The AO proceeded to treat the transactions as penny stock and relying on the investigation report on penny stock from the Investigation Wing, he disallowed the same u/s 68 of the Act to the extent of Rs.1,28,58,450/-.
The Court further observes and directs that in the eventuality the amount lying in the frozen accounts mentioned in the Show Cause Notice dated 09.04.2024 are not equivalent amount requisite for the pre-deposit in terms with Section 107(6)(b) of the Act of 2017.
ITAT Mumbai upholds deletion of additions u/s 68 for trading in penny stocks. Assessee provided valid evidence, and AO failed to counter claims with proof.
