Madras High Court held that imposition of interest and penalty unwarranted as Input Tax Credit wrongly availed is reversed without utilization. Accordingly, since Input Tax Credit is not utilised, interest and penalty is not justified.
Thus, we do not find any error in the impugned order for the purpose of interference, therefore, the present appeal is found to be without any merit and the same is hereby dismissed though without any order as to costs.
Gujarat High Court held that initiation of revisionary proceeding under section 263 of the Income Tax Act post complete extinguishment of all tax liabilities of Corporate Debtor upon approval of resolution plan is not tenable in law. Thus, notice u/s. 263 quashed.
Kerala High Court held that passing of order and classifying account of petitioner as fraud without following Master Directions on Frauds and without furnishing a copy of the audit report is not tenable in law. Accordingly, writ petition is allowed.
ITAT Ahmedabad held that donation to, Shri Arvindo Institute of applied scientific research, which is not recognised research institute is not eligible for deduction under section 35(1)(ii) of the Income Tax Act. Accordingly, deduction disallowed and appeal dismissed.
Patna High Court grants bail to an accused in an alleged ₹33 crore GST invoice scam, citing lack of proper evidence for arrest.
ITAT Kolkata held that reopening of assessment is invalid since reasons recorded are vague and scanty and PCIT has granted approval in mechanical manner. Accordingly, reopening of assessment is liable to be quashed.
ITAT Delhi held that assessment passed on a non-existing entity [i.e. Union Bank of India] not sustainable since the same is amalgamated with Punjab National Bank and accordingly, Union Bank of India has lost its existence.
ITAT Bangalore held the imposition of penalty under section 270A of the Income Tax Act is not sustainable since charge of under reporting or mis-reporting not clarified. Thus, penalty cannot be imposed in a light hearted manner or in routine manner.
ITAT Surat held that the application in Form No.10AB u/s 80G(5) of the Income Tax Act cannot be dismissed as barred by limitation in view of CBDT circular 7/2024 dated 25.04.2024. accordingly, matter remitted to the file of CIT(E).
