ITAT Mumbai held that exemption provisions of section 54F of the Income Tax Act are beneficial provisions and are to be construed liberally. Accordingly, as assesse invested in one residential property, exemption u/s 54F duly available.
Telangana High Court allowed the Criminal Petition as delayed payment of tax was on account of cogent reasons i.e. financial difficulty and was not on account of any willful attempt to evade tax.
ITAT Pune held that waiver of loan is not taxable under section 28(i) of the Income Tax Act as the same is not a business income.
ITAT Jaipur held that once the penalty is levied for non-maintenance of book of accounts, there cannot be further default for not getting the same audited as required u/s 44AB of the Act and therefore, the penalty levied u/s 271B is not justified.
Gujarat High Court held that issuance of notice for reassessment under section 148 of the Income Tax Act beyond the period of six years from the end of the relevant assessment year is barred by limitation.
Delhi High Court held that denial of refund of accumulated ITC on the ground that information regarding transfer of business and other returns to establish the transfer of stocks and capital goods not submitted is unacceptable.
Delhi High Court held that the re-insurance services were not excluded from the definition of ‘input service’ as defined under Section 2(l) of the CENVAT Credit Rules, 2004 with effect from 01.04.2011.
ITAT Chennai held that revisional power u/s 263 of the Income Tax Act exercisable only in case of lack of enquiry and not in case of inadequate enquiry.
Bombay High Court held that SVLDR Scheme covers not only tax but also interest, penalty. Hence, declaration under SVLDR in respect of notice issued for interest duly allowable.
Supreme Court held that separate notice u/s. 11A of the Central Excise Act not required when the order-in-original sanctioning the refund came set aside in a proceedings u/s 35E of the Central Excise Act.
