The ITAT Ahmedabad held that a bona fide error in selecting the incorrect clause in a Section 12A application cannot be the sole reason for rejecting registration. The matter was remanded to the CIT(E) for fresh consideration on merits.
The ITAT Ahmedabad ruled that expenditure incurred on an abandoned wind power project in the same line of business was revenue in nature since no enduring asset was created. However, the issue was remanded to the AO for verification of supporting evidence.
The ITAT Nagpur held that only the gross profit embedded in unrecorded sales can be taxed and not the entire sales amount under Section 69A. The Revenue’s appeal seeking full addition was dismissed.
The Calcutta High Court held that Income Tax Returns filed prior to the victim’s death could not be viewed with suspicion while assessing compensation. The Court enhanced compensation after reducing personal expense deduction from 50% to one-third.
ITAT Delhi deleted a Rs. 50 lakh addition under Section 68 after finding that the investor company had directly responded to notices and furnished supporting documents. The Tribunal held that the identity, genuineness, and source of investment were adequately proved.
The Calcutta High Court held that proceedings based on Rule 96(10) of the CGST Rules could not continue after the provision was omitted without any saving clause. The Court quashed the GST refund demand order passed after deletion of the rule.
The Tribunal restored issues relating to comparable company margins and working capital adjustment after finding that the assessee’s submissions required verification. The appeal was allowed for statistical purposes.
NCLAT observed that royalty payment obligation flowed directly from Technical Guidance Agreement and did not depend on issuance of invoices. Debt and default were therefore held established.
ITAT Delhi upheld addition of Rs. 2.78 crore after finding that the assessee had voluntarily admitted undisclosed stock during survey and post-survey proceedings. The Tribunal held that later retraction without supporting evidence could not displace signed statements and inventory records.
The IBBI has announced contractual vacancies for Research Associates and Consultants in law and business management disciplines. The notice details eligibility, remuneration, experience requirements, and application procedures under the Insolvency and Bankruptcy Code framework.
