Karnataka High Court held that during re-assessment proceedings, claim for Input Tax Credit can be rectified under section 39 of the Karnataka Value Added Tax Act, 2003, even when the same is disadvantageous to the State Exchequer.
ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the same is revenue expenditure. Accordingly, PCIT classifying them to be capital expenditure is not sustainable.
ITAT Indore held that addition under section 68 of the Income Tax Act, after rejection of books of accounts under section 145, by the AO is not justifiable in law. Accordingly, AO is directed to delete the addition.
TDS is always deducted from the amount payable and it is not any other consideration. Therefore, the demand on this score cannot sustain and hence, the impugned order to this extent is set aside.
ITAT Ahmedabad held that income from sale of scraps generated through production process reducing cost of product is eligible for deduction under section 80IC of the Income Tax Act. Accordingly, appeal of revenue dismissed.
Madras High Court held that amount of pre-deposit fixed by the Tribunal in fraudulent availment of duty drawback is justified and hence it is directed to be deposited within a period of six weeks.
CESTAT Delhi held that exemption notification 146/94-Cus doesn’t state ‘Actual User’ condition. Accordingly, confiscation of imported arms and ammunitions is liable to be set aside.
ITAT Pune held that estimation of profit at 8% in case of contract work for government department, by taking provisions of section 44AD of the Income Tax Act as parameter, is justifiable. Accordingly, order of CIT(A) uphold.
ITAT Chandigarh held that initiation of revisionary proceedings under section 263 of the Income Tax Act on the basis of audit objection is not permissible. Accordingly, order of PCIT quashed and appeal of assessee allowed.
Gujarat High Court held that imposition of Integrated Goods and Services Tax [IGST] on ocean freight on reverse charge basis is unconstitutional thus voluntary payment of such IGST by the importer is refundable even after limitation period.
