The High Court held that additions for excess cash and stock cannot rest only on a survey statement. It ruled that statements under Section 133A lack conclusive evidentiary value without corroborative material.
It was ruled that failure to file PAS-3 within 15 days attracts per-day penalties, reinforcing strict adherence to private placement disclosure timelines.
The Tribunal upheld deduction under Section 80P(2)(d) where interest income was earned from deposits with a co-operative bank. It held that a co-operative bank remains a co-operative society for this purpose.
The Bombay High Court held that additions under Section 153A cannot be made for completed assessments when no incriminating material is found during search. Post-search documents like base notes are insufficient to justify additions.
Karnataka High Court held that Society controlled by the State Government and funded by State Government covered within definition of clause (zfa) i.e. within ‘Government Entity’ as covered vide notification 32/2017 dated 13.10.2017 and hence exempted from GST tax liability.
ITAT Cochin held that since loans and advances are denominated in foreign currency, LIBOR Rates would be more suitable for benchmarking. Accordingly, AO directed to benchmark the international transaction of loan/advances to Associated Enterprise using applicable LIBOR Rate.
The High Court set aside a GST demand after finding that the assessment order was passed without giving a fresh hearing. The ruling reiterates that orders under Section 73 must comply with principles of natural justice.
ITAT Indore held that delay of 560 days in filing of an appeal before CIT(A) rightly not condoned as assessee has failed to give satisfactory and bonafide explanation. Accordingly, delay not condoned as no sufficient cause shown.
The Tribunal held that a penalty under the Customs Act cannot be sustained when it is based on assumptions, unsupported statements, and denial of cross-examination.
Kerala High Court held that only tax component shown in demand notice is required to be paid to file an appeal under Municipal Act. Penal interest and other charges cannot be insisted upon at appeal stage.
