Madras High Court held that rejection of Foreign Tax Credit unjustified as Form-67, prescribed under Rule 128 of the Income Tax Rules, 1962, was not filed with income tax return but filed before passing of final assessment order.
ITAT Delhi held that addition in the hands of register owner, on the basis of AIR information without considering the fact that sales and profit thereon is booked by M/s. Parsvanath Developers Ltd. who are having real rights on the land, is unsustainable in law.
CESTAT Chennai held that show cause notice not specifying specific service rather demanding service tax on consolidated tax liability makes the show cause notice indefensible. Accordingly, the demand raised thereon is liable to be set aside.
Delhi High Court held that income of the deceased, and not taxable income of the deceased, is relevant while determining loss of dependency. Thus, merely because certain allowances are not taxable in nature, the same would not warrant their deduction from the annual income of the deceased for the purposes of determining the compensation.
Delhi High Court held that denial of refund claim of accumulated Input Tax Credit (ITC) due to inverted duty structure merely because of incorrect classification of goods by the supplier is unjustified and unsustainable in law.
Gujarat High Court held that official of accused firm viz. IOCL, HPCL, BPCL and IBP are rightly discharged in the matter of selling HSD at concessional rates to private industries in absence of sufficient grounds for proceedings against them.
CESTAT Kolkata held that processing fee, transfer fee, administrative charges, etc. collected from land allottees as fixed by IDCO are statutory in nature. Accordingly, service tax is not leviable on the same.
CESTAT Bangalore held that rule 11 of Central Excise Valuation Rules, 2000 will be applicable for determination of assessable value of goods manufactured on job work basis.
CESTAT Ahmedabad held that no reliance can be placed on statements of third party without tangible corroborative evidence. Accordingly, recovery of Cenvat Credit under rule 14 rightly dropped.
The present appeal has been filed by the revenue against order passed by the CIT(A) challenging action of CIT(A) in allowing carry forward of unabsorbed depreciation of Rs. 19,89,09,661/- pertaining to A.Y.s 1997-98 to 2000-01 for set off without any time limit.