ITAT Mumbai held that determination of Annual Let Out Value (ALV) of unsold flats held as stock-in-trade is not sustainable in law. Accordingly, addition of ALV of unsold flats deleted.
ITAT Mumbai rejected the transfer pricing adjustment as margin which has been determined falls within the tolerance limit of +/- 5% as provided in proviso to Section 92CA of the Income Tax Act.
Madras High Court held that if a discount offered on a supply is also directly linked to subsidy by a 3rd party, the value of such subsidy will be includible in the “transaction value” of the supply. In other words, a discount linked to the subsidy alone can form part of the “transaction value”.
ITAT Kolkata held that it is unjustified to assess share capital and share premium as unexplained cash credit u/s. 68 merely for high share premium as identities and creditworthiness of the share applicant and genuineness of the transactions duly established.
ITAT Kolkata held that addition u/s. 68 as unexplained cash credit unjustified as assessee has filed all the evidences concerning transactions to establish the identity and creditworthiness of the lenders and to prove the genuineness of the transactions.
ITAT Mumbai held the goodwill arising on business reorganization i.e. amalgamation, slump sale, demerger etc. is a depreciable intangible asset under section 32 of the Income Tax Act.
NCLT Indore held that liquidator who acted in undue haste in conducting private sale of the corporate debtor as a going concern in non-transparent manner is directed freshly conduct of bidding in specified manner.
Delhi High Court held that demolition of property without prior intimation or show cause notice is violative of principles of natural justice and cannot be permitted.
Madras High Court held that that electricity captively generated is an input, accordingly, CENVAT Credit admissible on import of coal used for generation of electricity.
Delhi High Court held that Customs Broker cannot be held liable for not able to trace exporters as ‘Let Export Orders’ already issued and goods already exported out of the country. Accordingly, order revoking customs broker license set aside.
