Assessee being a real estate developer, allotted 10060 equity shares as per the fair market value (FMV) computed in accordance with Sec.56(2)(viib) read with Rule 11U / 11UA.
Karnataka High Court held that proceedings initiated against deceased person are null and void and the same cannot be continued against his/her legal representative. Accordingly, order of Single Judge not interfered.
ITAT Mumbai held that addition towards bogus purchases unwarranted as GP rate on sale of alleged bogus purchases is more than the GP rate of other purchases. Accordingly, appeal allowed the addition deleted.
CESTAT Allahabad held that imposition of penalty u/s. 114AA of the Customs Act not justified since customs broker was not held responsible for forging any documents for clearance of goods. Accordingly, penalty imposed u/s. 114AA set aside.
Kerala High Court held that revisionary proceedings by PCIT u/s. 263 rightly exercised since claim of provision for bad and doubtful debts was assumed by assessing officer to be correct without adequate enquiry. Accordingly, appeal dismissed.
ITAT Agra held that addition towards interest paid on CC is liable to be deleted since interest free advance given to potato growers (farmers) were out of the business expediency. Accordingly, addition deleted and appeal allowed.
ITAT Kolkata held that expenditure towards sales promotion expenses allowed as deduction under section 37(1) of the Income Tax Act since bills along with other evidences related to the same is duly produced. Accordingly, appeal allowed.
Delhi High Court in CIT vs. Vikas Polymers clarified Section 263 of the Income-tax Act, emphasizing procedural compliance for revisional powers of the CIT.
Bombay HC rules against reopening DCW Limited’s assessment under Section 148. No income escape as full disclosure was made in assessment proceedings.
Delhi High Court dismissed the Revenue’s appeal in CIT vs. Anil Kumar Sharma, affirming the Tribunal’s decision on Section 263 of the Income Tax Act.
