ITAT Delhi held that addition u/s. 68 of the Income Tax Act towards share application money, as unexplained credit, deleted as identity, genuineness and creditworthiness of the shareholders proved.
This petition under Article 226 of the Constitution of India assails the Assessment Order dated 27 March, 2024 passed by Respondent No.2 under the provisions of Section 144 read with Section 144B of the Income Tax Act, 1961.
ITAT Rajkot held that each partner is owner of the assets to the extent of his share in the partnership, hence, exemption u/s 54G of the Act, should not be denied to the assessee under consideration.
CESTAT Ahmedabad held that penalty on the employee of CHA (Customs House Agent) cannot be imposed on the charge of wrong availment of drawback by the exporter as proven that he has not been benefited by attempt to claim excess drawback by exporter.
The assessee is a co–operative credit society, registered under Maharashtra co–operative society Act, 1960 and is engaged in providing credit facilities to those CIDCO employees who are members of credit society.
Delhi High Court held that department need to comply with the order of the Tribunal in passing a fresh assessment order within the time limit prescribed under section 153(3) of the Income Tax Act. Thus, notices initiating fresh assessment set aside.
ITAT Chennai held that invoking the revisionary powers under section 263 of the Income Tax Act without giving any reasoning for setting aside the assessment order and merely directing AO verification without any basis is unjustifiable.
ITAT Ahmedabad held that the assessee has established that they were the sole developer in the contracts which are related to the developing, operating and maintaining the infrastructure facilities as envisaged u/s. 80IA(4)(i) of the Income Tax Act.
ITAT Hyderabad held that voluntary surrender of income in good faith cannot be considered as concealment of income. Hence, penalty u/s. 271(1)(c) of the Income Tax Act cannot be sustained.
Delhi High Court held that Dividend Distribution Tax (DDT) is liable to be paid by the company which declares, distributes or pays the same. Petitioner, herein, has received interest income from Non-convertible debentures and accordingly cannot be subject to DDT.
