ITAT Visakhapatnam held that capital gain taxable in the year in which possession of land is granted to the developer vide the original development agreement and not in the year in which supplementary agreement is entered.
ITAT Delhi held that rendering cloud computing services/ Amazon Web Services (AWS Services) cannot be held to be liable to tax in India either as royalty or as Fees for Technical Services (FTS)/ Fees for Included Services (FIS).
Delhi High Court held that reopening of assessment liable to be quashed as PCIT simply rubber-stamped the attempt of AO to reopen the assessment without inquiring about various basic issues involved in the matter like applicability of section 50C, cost of acquisition and claim of deduction u/s 54EC.
ITAT Mumbai held that as per Section 56(2)(ix) of the Act money received as advance would be treated as income liable to tax in the hands of recipients under the head ‘Income from Other Sources’ provided such advance is forfeited and the negotiations do not resulted in transfer of the capital assets.
Calcutta High Court held that charges under section 24 of the Prevention of Money Laundering Act, 2002 towards any knowledge of committing crime of the money used is obtained by fraudulent means cannot be pardoned before a full-fledged trial.
Bombay High Court held that initiation of reassessment proceedings u/s 147 after the expiry of 4 years from the end of the relevant assessment years without failure on the part of the assessee to disclose fully and truly all the material facts unsustainable and liable to be quashed.
CESTAT Delhi held that Universal Joints Parts to be used in transmission shaft, are more specifically covered under sub heading 8483 60 90 and not under heading 8708.
ITAT Mumbai held that deduction u/s 80IA of the Income Tax Act duly available towards FDR interest, scrap sales and EDI charges and on account profit earned from the operation of Inland container Depot (ICD).
CESTAT Chennai held that non-renewal of Private Bonded Warehouse license alleging settlement of disputes and admission of duty liability before Settlement Commission is unjustified. As post settlement, immunity is granted to the assessee from fine, penalty and prosecution under Customs Act and any other Central Act.
ITAT Delhi held that issuance of notice u/s 153C of the Income Tax beyond six Assessment Year immediately preceding the Assessment year from the date of recording of satisfaction note/ handling over of relevant material is not in accordance with law.
