ITAT Surat held that plot of land is reflected as asset as business WIP and also expenses incurred are also reflected as WIP. Accordingly, income from sale of land taxable under ‘Business Income’.
ITAT Chennai held that it is not open for the Assessing Officer to travel beyond the reasons for selection of the scrutiny for limited scrutiny.
ITAT Delhi held that as there is no gain of technical knowledge, experience or skill, the IT support service do not fall under the definition of FTS under Article 13 of the DTAA and hence TDS not deductible on the same.
Bombay High Court held that suo moto order passed by Hon’ble Supreme Court directing exclusion of period 15th March 2020 to 28th February 2022 due to Covid outbreak is applicable even in case of filing of refund application.
ITAT Ahmedabad held that in an identical matter, jurisdictional High Court ruled the matter in favour of the assessee, however, later on Apex Court held otherwise. Accordingly, the issue was debatable do to which levy of penalty u/s 271(1)(c) of the Income Tax Act is unsustainable.
Gujarat High Court held that it is settled legal position that the directions given by the higher authority is binding upon the lower authority and therefore, such directions cannot be ignored on any count.
Held that in respect of concluded assessments, the earlier assessment completed should not be disturbed in the search assessments without existence of any incriminating material.
ITAT Kolkata held that invoking revisionary proceedings justified as AO failed to conduct the enquiry about the bogus transactions inspite of the report of the Investigation Wing containing the list of 84 companies found to be penny stock companies available in the Income Tax Portal.
CESTAT Ahmedabad held that service tax is not payable by Stock Broking Company on various charges like Computer to Computer Linkage charges Commission on Public Issue and Inter Settlement charges.
ITAT Pune held that profits and gains arising from transfer of interest in Hydro Projects is income from business and not income under the head ‘short term capital gains’.
