Delhi ITAT grants relief to Park View Automotive, deleting a ₹5.59 Cr. addition on share sale. The Tribunal held that an AO cannot arbitrarily substitute a genuine bulk sale price based merely on an Investigation Wing report or suspicion, emphasizing that concrete documentary evidence must be rebutted.
The ITAT ruled that receipts from the sale of power generated during the pre-commencement trial run of a plant are capital receipts, not taxable revenue income. This is because, under the matching principle, corresponding pre-operative expenses were capitalized to the fixed asset cost, justifying the deletion of the Rs. 42.56 crore tax addition.
ITAT Mumbai allowed the appeal in Samir N. Shah Vs ITO, holding that penalty u/s 271(1)(c) for concealment or inaccurate particulars cannot be levied when the underlying income addition is made solely by estimating a gross profit rate on alleged bogus purchases, in the absence of concrete evidence like seized material or cash transactions.
GST limitation periods for issuing notices or completing assessments are mandatory. COVID extensions were for litigants, not tax authorities, making departmental actions void after the deadline.
NCLT Chandigarh held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against Falcon Auto Engineering Pvt. Ltd. [Corporate Debtor] admitted as operational debt and default established.
Learn to address crucial Income Tax notices like 143(1), 143(2), 148, 139(9), and 245. Timely, informed action prevents penalties, best judgment assessment, and legal issues.
The Tribunal voided the reassessment, citing multiple legal failures: it was time-barred under the new law, the AO failed to share mandatory material, and the condition under Section 149(1)(b) requiring a proven asset/expenditure was not met. The ruling provides strong takeaways on the validity of new reassessment provisions.
NCLT Indore held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Professional [CIRP] against OSSL Agri Logistics Private Limited [Corporate Debtor] admitted as no pre-existing dispute exists.
ITAT Delhi rules in Mahabir vs ITO that the 1994 CBDT notification defines agricultural land limits for capital gains tax. Subsequent municipal expansions are irrelevant. Land 6km from Sohna Municipality was deemed non-taxable.
The Tribunal nullified four assessment years (AY 2013-14, 2014-15, 2018-19, 2021-22) due to serious legal defects, including unsigned/mechanical approvals and non-supply of mandatory sanction and underlying material. This ruling emphasizes that defective procedure is fatal to both reopening and regular assessment proceedings.
