The ITAT Delhi invalidated the reassessment proceedings against Huawei International, a Singapore resident, for AY 2014-15. The Tribunal ruled that the AO’s attempt to investigate offshore software receipts, based merely.
ITAT Mumbai held that revisionary proceeding under section 263 of the Income Tax Act not justifiable when AO has taken most plausible view. Accordingly, appeal is allowed to that extent.
ITAT Delhi ruled that a consultancy company with zero turnover could deduct necessary expenses, allowing the full Rs.8.66 lakh security charge as an establishment cost.
The ITAT Delhi set aside the CIT(A)’s order deleting a Rs.16.10 Cr unsecured loan addition against Nitin Garg, remanding the issue to the AO. The Tribunal found the CIT(A) erred by not requesting a remand report to verify the lender’s creditworthiness and the source of funds, despite the assessee’s non-compliance during assessment.
Punjab’s GST cut from 12% to 5% boosts textiles, dairy, food, and handicrafts, lowering costs, spurring demand, and strengthening livelihoods across sectors.
Supreme Court dismisses Revenue’s SLP, ruling that stock discrepancies found during a registered dealer’s survey must be addressed via GST Sections 73/74, not Section 130.
Bombay High Court admits challenge to Section 16(2)(c) of CGST Act on supplier tax default, granting conditional stay amid conflicting High Court rulings on ITC validity.
The ITAT Delhi ruled in DCIT Vs Jai Jai Ram Singh Infrastructure that shuttering material constitutes a homogenous ‘plant’ and not a ‘purely temporary erection.
Voluntary admission of turnover suppression made by a dealer at the time of inspection carried strong evidentiary value and could not be retracted without credible evidence. Appellate Assistant Commissioner and Tribunal erred in setting aside the assessment, as their reasoning was contrary to the evidence on record.
CESTAT Mumbai held that determining value of furniture on the basis of weight is not justifiable since furniture is never ever sold by weight. Accordingly, revision in assessable value set aside and appeal is allowed.
