Rajasthan High Court held that profits and gains generated by captive consumption of electricity is eligible for deduction under section 80-IA of the Income Tax Act. Accordingly, appeal of revenue dismissed.
ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided for amount of understated/ suppressed net profit. Accordingly, appeal dismissed and penalty upheld.
ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to valuation officer DVO as contemplated in Section 50C(2). Accordingly, AO directed to refer matter to DVO.
ITAT Hyderabad held that determination of sale consideration on the basis of some statements without bringing any concrete material in support of his claim, is not correct. Accordingly, addition is liable to be deleted and appeal filed by revenue dismissed.
JNCH announces automation of Customs refund applications. Manual submissions will only be allowed until March 31, 2025, after which online filing via ICEGATE is mandatory.
The Institute of Cost Accountants of India extends the deadline for completing mandatory CPE credit hours in physical mode for COP renewal until June 30, 2025.
SEBI provides interpretive guidance on OneSource’s QIP eligibility under ICDR regulations, addressing the impact of transferor company listing requirements.
ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under section 68 of the Income Tax Act. Accordingly, addition is deleted and appeal is allowed.
ITAT Ahmedabad held that addition, treating share application money as unexplained income, based on surmises and conjectures without making proper verification of facts with relevant materials and evidences is not sustainable in law.
A Group of Ministers (GoM) is set up to evaluate the feasibility of a special cess under GST for disaster relief and recommend a uniform policy framework.
