ITAT Hyderabad held that transfer of assets of the partnership to the retiring partners would amount to the transfer of the capital assets in the nature of capital gains and business profits which is chargeable to tax under section 45(4) of the Income Tax Act.
Supreme Court held that action of informing the person arrested about the grounds of arrest is sufficient compliance of Section 19 of the Prevention of Money Laundering Act (PMLA), 2002.
CESTAT Bangalore held that Reflective Glass not found in notification no. 4/2009 dated 06.01.2009 is not exempt from levy of anti-dumping duty. Thus, anti-dumping duty leviable on reflective glass imported from China.
ITAT Indore held that addition u/s. 68 on account of bogus long term capital gains unsustainable as the alleged transaction is not found recorded in the books of accounts including the Dmat account of the assessee. Hence, addition on the basis of assumption unsustainable.
Patna High Court held that direction of Collector for prohibition on removal of broken stone chips before expiry of extended period unjustifiable in law. Accordingly, authorities directed to allow petitioner company to lift entire amount of broken stone material.
ITAT Jaipur held that requirement of TDS deduction u/s. 194C of the Income Tax Act on payments made to Eco Development Committee remanded back to AO with a direction to relook on various aspects.
CESTAT Bangalore held that since the smartra immobiliser is only a security device to prevent a vehicle from being stolen it is rightly classifiable under Chapter Heading 8708 as parts of motor vehicle.
Punjab and Haryana High Court granted the bail to the petitioner/dealer involved in the matter of fraudulently obtaining VAT refund based on false and fabricated documents as there is unexplained huge delay and investigation is already complete.
ITAT Mumbai held that receipt of Rs 37 crores of exempt capital gain in a non-descript listed company operated by the accommodation entry provider, who has confessed that he has provided accommodations entries to the beneficiaries, including assessee remanded back to the file of AO for further enquiry.
CESTAT Chennai held that demand of service tax on amount received by cricket player R. Ashwin from M/s. India Cements Ltd. under IPL Playing Contract is unsustainable in law.
