Calcutta High Court held that an arbitrator cannot shun away his responsibilities and leave the work of quantification of awarded interest on chartered accountant. Accordingly, held that arbitration award suffers infirmity.
ITAT Hyderabad held that payment of remuneration to the trustees could result into disallowance of excess expenditure and the same cannot be a ground to cancel the registration of trust
ITAT Ahmedabad held that addition solely on the basis of investigation wing report unsustainable as onus was discharged by the assessee as PAN card and bank statements were duly submitted
ITAT Bangalore held that expression expenditure also includes loss and therefore the difference between the price at which the shares are issued to the employees and the market value of the shares would be expenditure incurred for section 37(1) of the Income Tax Act
Telangana High Court held that the court can extend the timelines of One Time Settlement Scheme (OTS) on examination of the facts therein and also satisfying the reasons mentioned therein by the loanee.
Karnataka High Court held that there is no prohibition under the Employees Compensation Act for blood relatives to be employer and employee.
Delhi High Court held that considering the limited scope of judicial review u/s. 34 of the Arbitration Act, court cannot modify the arbitral award by awarding interest to the appellant.
CESTAT Delhi held that sub-units/sub-assemblies of equipments such as modems, routers, hubs, repeaters, multiplexers would not be apparatus and NIC (i.e. a standalone apparatus) cannot be compared with Router Line Cards. Thus, Router Line Cards are classified under CTI 8517 70 90 and not CTI 8517 69 90.
ITAT Mumbai held that mere RBI recognition of debt instrument as additional tier/ capital doesn’t change the nature of perpetual debt instrument. Hence, interest expenses on perpetual bonds, allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961
ITAT Bangalore Held that declared additional income offered to tax as business income is sustainable when the only source of income is business income. Hence, the provisions of section 115BBE cannot be invoked to tax the income as ‘deemed income’.
