CESTAT Delhi held that re-determination of transaction value merely on the basis of emails of quotations of different supplier cannot be sustained since there is absolutely no evidence for rejection of transaction value.
Rajasthan High Court upholds trust registration under Section 12A, ruling initial approval hinges on genuine objects, not income application. Clarifies AO’s role in annual assessments.
Bombay High Court dismisses Revenue’s appeal against Agfa India, ruling reassessment invalid as Assessing Officer acted under dictation, lacking independent reason to believe income escaped assessment. Highlights judicial precedents on AO’s discretion.
CBI attaches over Rs. 7 crore in assets in a disproportionate assets case and arrests senior IRS officer in bribery investigation.
ITAT Delhi held that disallowance of expenditure on adhoc basis without contrary material and without rejection of books of accounts not justifiable. Accordingly, disallowance made in the impugned order deleted.
Hon’ble Supreme Court in Consolidated Construction Consortium Ltd. vs Hitro Energy Solutions Pvt (2022) 7 SCC 164 has held that with respect to the fact that receiver of goods who has paid advances is also an Operational Creditor.
Delhi High Court held that it is no longer open for the department to proceed with the adjudication of show cause notice which had not been adjudicated for almost fourteen years. Thus, letter recommencing adjudication proceedings are set aside.
ITAT Mumbai held that since donations collected were parked in savings bank account of assessee and funds were used for personal purpose hence donation collected are taxable u/s. 56(2)(x) of the Income Tax Act. Accordingly, appeal of the assessee dismissed.
Regional Director reduces penalty on Chalasani Hospitals Pvt. Ltd. for delayed allotment return filing, citing portal issues and official circular.
A public outcry over alleged delays and potential corruption in the Goods and Services Tax (GST) registration process, ignited by a LinkedIn post from a frustrated entrepreneur, drew a swift response from Union Finance Minister Nirmala Sitharaman and the Central Board of Indirect Taxes and Customs
