ITAT Delhi held that written off of obsolete inventory allowable as prepared in accordance with accounting standards and duly got prepared audited report of an independent auditor.
ITAT Ahmedabad held that addition under section 68 of the Income Tax Act justified as revenue duly exhibited the credit entry as sham or bogus and assessee failed to establish genuineness of the same.
Karnataka High Court held that date of electronic filing of appeal is to be taken as date of filing of an appeal. Thus, date of physical filing of an appeal cannot be taken as date of actual filing of an appeal.
Bombay High Court held that liability for year 2010-2011 duly discharged by the petitioner. Hence, adjustment of refund for year 2011-2012 against liability for 2010-2011 unjustified. State authorities cannot retain the excess amount which is not in accordance with law
ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the long-term capital gain (LTCG) earned from sale of unlisted shares.
ITAT Delhi held that in respect of assessment proceedings u/s. 153C of the Income Tax Act, block period of six assessment years has to be reckoned from date of receipt of seized documents.
ITAT Delhi held that approval granted u/s. 153D of the Income Tax Act by the superior authority in mechanical manner has no legal sanctity in the eyes of law. Thus, assessment order in consequence to such inexplicable approval lacks legality.
ITAT Delhi held that income of non-resident is not liable for deduction of tax at source u/s. 195 as amount paid is covered in exception provided in section 9(1)(vii)(b) of the Income Tax Act since project has been carried outside India and services are utilised outside India.
Delhi High Court held that acceptance of settlement and order passed by the Income Tax Settlement Commission (ITSC) based on full and true disclosure not to be interfered under Article 226 of the Constitution.
NCLAT Delhi held that as creation of security interest on the assets of Corporate Debtor not proved by any documents, Resolution Professional duly declared Appellant as unsecured Financial Creditor.
