Madras High Court stays penalty orders under Sections 270A and 271AAC against Aadhitya Property Developers, pending a decision on the assessee’s belated appeal against the core assessment order.
Sikkim High Court held that in Budgetary Support Scheme though the claims are to be filed quarterly, however the amount of reimbursement of budgetary support has to be calculated on a monthly basis.
ITAT Pune remands Piaggio Vehicles’ transfer pricing dispute on export segmentation, citing need for verification, while upholding corporate guarantee fee allowance based on judicial precedents.
ITAT Mumbai held that it is the duty imposed on the Assessing Officer to complete the rectification process within six months. Thus, by remanding the matter back to the file of Assessing Officer, it is directed to complete the rectification within one month.
ITAT Surat remands Navsari Modh Vanik Panch’s 80G approval case to CIT(E), Ahmedabad. The trust, registered under 12A/12AB, faces re-evaluation of its charitable status based on recent financial records, specifically religious expenditures
Delhi ITAT rules in Ajay Singh vs. ACIT, quashing reassessment for AY 2012-13. Citing borrowed satisfaction and lack of independent inquiry by AO, the tribunal highlights the need for a direct link between tangible material and belief formation, even on merits.
ITAT Jaipur ruled excess stock found in survey as business income, upholding a change in stock valuation method and deleting addition for making charges.
ITAT Delhi rules Oberoi Motors can set off business losses against income surrendered during survey, citing judicial precedents and CBDT circular on Section 115BBE.
Mumbai ITAT rules excess stock found during survey, when linked to business, is undeclared business income, not unexplained investment, thus avoiding Section 115BBE.
ITAT Indore rules excess gold stock found during search is business income, not unexplained investment, and 115BBE not retrospective.
