Delhi ITAT held that unsecured loans already forfeited and offered to tax in a subsequent assessment year cannot again be taxed under Section 68 in the year of receipt. The Tribunal ruled that such action would result in impermissible double taxation.
High Court reiterated that compensation awarded for compulsory land acquisition is not liable to deduction of tax at source under Income Tax Act. Payments under mediation settlement were directed to be released without TDS deduction.
Tribunal upheld findings of fraud involving third-party shipping bills and false export obligation fulfilment but reduced the quantum of penalties. It observed that appellant’s liability could not exceed comparable penalties imposed on principal offenders.
CBIC issued Notification No. 47/2026-Customs (N.T.) continuing existing tariff values for key imported commodities including palm oil, gold, silver, and brass scrap. The notification clarifies applicable customs valuation rates effective from 20 May 2026.
The Central Government directed provisional assessment of imports of anodized aluminium frames for solar panels from a Chinese exporter during an ongoing new shipper review. Importers may face retrospective anti-dumping duty liability depending on the final outcome of the investigation.
Delhi ITAT held that notices issued under Sections 148A(b), 148A(d) and 148 without digital signatures are invalid in e-proceedings. The Tribunal quashed the entire reassessment as void ab initio.
Delhi ITAT held that before the amendment effective from 01.04.2015, exemption under Section 54 could be claimed for investment in more than one residential house. The Tribunal deleted the disallowance relating to the second property purchase.
Delhi ITAT restored ₹6.30 crore addition under Section 68 after finding that the Mauritius investor’s financial statements were unsigned and unauthenticated. The Tribunal held that incomplete documents cannot establish identity, creditworthiness or genuineness of transactions.
Delhi ITAT held that an Assessing Officer cannot make additions beyond the specific issues remanded by the Principal Commissioner under Section 263. Fresh additions unrelated to the revision directions were therefore rightly deleted.
CESTAT Chennai held that recipients of Goods Transport Operator services were liable to pay service tax for 1997-98 under retrospective amendments. However, interest demand was set aside because the assessee filed the prescribed return within the statutory time limit.
