CESTAT held that a Customs Broker cannot be penalised merely because the exporter mis-declared goods or value. Liability under CBLR requires independent proof of broker’s breach of obligations.
Bombay High Court held that reopening of assessment by issuance of notice under section 148 of the Income Tax Act issued much after the surviving period is barred by limitation. Accordingly, notices are set aside and petition is allowed.
Madras High Court held that Income Tax Appellate Tribunal cannot review its earlier order under Section 254(2) of the Income Tax Act. Notably jurisdiction of Tribunal is restricted only to rectify error and not review.
The order clarifies that procedural violations in private placement cannot be excused merely because the company was a start-up. Strict compliance with Section 42 remains mandatory.
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.
