Bombay High Court held that serving signed copy of arbitral award to employee of the partnership firm is not proper service of signed award as required under section 31(5) of the Arbitration and Conciliation Act, 1996.
ITAT Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act to verify the genuineness of the transaction and creditworthiness of the party in case of addition towards unsecured loan u/s. 68.
It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differences between the facts of the present case and those of the earlier assessment years.
The US Transactions were subject to the Mutual Agreement Procedure between the competent authorities of US and India under Article 27 of the India-US Double Taxation Avoidance Agreement.
ITAT Mumbai held that that reimbursement of expenses at cost is not taxable as fees for technical services since there is no element of income attached to the transaction. Accordingly, revenue’s appeal dismissed.
CESTAT Kolkata held that owner of the car is liable to pay customs duty on redemption of the confiscated vehicle/ car even if the owner is not the importer of the car. Accordingly, appeal dismissed.
Telangana High Court held that interest paid for broken period on securities held as stock-in-trade is allowable as deduction. Accordingly, petition filed by revenue dismissed and question answered in favour of respondent-assessee.
ITAT Cuttack held that revisionary proceedings under section 263 of the Income Tax Act is liable to be quashed since assessee is entitled for exemption u/s. 11 and hence twin conditions are not satisfied in as much as there is no loss of revenue.
Madras High Court held that once the purchase of machinery itself was found to be false and the transaction was sham, the claim of depreciation cannot be sustained. Appeal dismissed, accordingly.
Supreme Court held that for a Resolution Plan containing a combination should be examined by Committee of Creditors [CoC] only after prior approval from Competition Commission of India [CCI].
