The assessee is engaged in the business of Manufacturing & Trading of Sarees, Salwar Suites and Dress Materials. A survey u/s 133A of the Act was carried out on the business premises of the assessee on 26.11.2014.
AO in the final order passed on 19.01.2017 however, made disallowance of weighted deduction u/s 35(2AB) to the extent of 3,38,82,341/-. Aggrieved with such order of the Assessing Officer / TPO / DRP, the assessee is in appeal before the Tribunal.
ITAT Hyderabad held that resorting to estimation of profit in case of best judgement assessment without rejection of books of accounts is unjustifiable. Accordingly, matter set aside to the file of the lower authorities for reconsideration of the issue.
ITAT Chennai held that provisions of section 69A of the Income Tax Act could not be invoked when cash is sourced out of recorded sales. Accordingly, appeal allowed and addition u/s. 69A is liable to be deleted.
ITAT Pune held that when no addition has been made on account of which the case was reopened, the Assessing Officer cannot make any other addition without issuing a fresh notice u/s 148 of the Act.
Notably, the Appellant filed the application under Section 9 of the Code on 18.08.2020 for an amount of Rs. 2,77,68,000/- allegedly due and payable by the Corporate Debtor (CD).
NCLAT Delhi held that any dispute even pending in the arbitration does not in any manner prohibit the financial creditor to take remedy under Section 7. Thus, appeal dismissed and held that application u/s. 7 duly admitted.
Karnataka High Court held that transfer of Set Top Boxes to subscribers amounts to sale within the definition of section 2(29)(d) of the Karnataka Value Added Tax Act, 2003 and hence sales tax leviable on the same.
Gujarat High Court held that reopening of assessment is based on change of opinion since exact entry which was already scrutinised and accepted by department during scrutiny assessment. Accordingly, re-opening u/s. 148 is liable to be quashed.
Gauhati High Court held that the Summary of the Show Cause Notice in GST DRC-01 is not a substitute to the Show Cause Notice to be issued in terms with Section 73 (1) of the Central Goods and Services Tax Act [CGST Act].
