ITAT Chennai held that only peak credit to be considered and no further addition to be made in case of circular transaction since bank account of appellant’s father duly considered for the purpose of calculating peak credit in the hands of assessee.
The assessee is a wholly owned subsidiary of Samsung Electronics Company Ltd. The assessee filed the return of income for AY 2015-16 on 30.11.2015 declaring a total income of Rs. 238,85,10,090/-.
Bombay High Court held that once application under Sabka Vishwas (Legacy Dispute Resolution) Scheme [SVLDR Scheme] for payment of duty was accepted, benefit of the scheme gets extended to the redemption fine also. Accordingly, petition allowed.
NCLAT Delhi held that provisions of section 43 of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be attracted where no transaction was made by the Corporate Debtor.
Thus, penalty is not warranted on issues where a substantial question of law exists, indicating that the matter is not free from doubt. Accordingly, we quash the penalty order under section 271(1) (c) of the Act.
NCLAT Delhi held that if CIRP is initiated fraudulently for any purpose other than the resolution of insolvency or liquidation it can be set aside. Accordingly, CIRP set aside and appeal allowed.
The AO added excise duty and sales tax to the total turnover while excluding lease rent and other incomes, categorizing them as “Income from Other Sources” rather than “Business Income”.
Bombay High Court held that delayed payment of refund burdens public exchequer with interest amount and also causes serious prejudice to the assessee. Accordingly, delayed payment of refund causes serious prejudice to both revenue and assessee.
ITAT Pune held that penalty under section 271(1)(c)/ 271AAB of the Income Tax Act imposable even in case of voluntary disclosure or declaration or surrender per se of income. Accordingly, appeal filed by revenue allowed.
The present case is one such case, wherein, enormous delay of 1788 days occasioned in preferring the second appeal due to the lapses on the part of the officials functioning under the State, though valuable Government lands were involved.
