ITAT Kolkata held that depreciation is allowable on asset of the assessee if acquisition is claimed as application of income. Notably, after change in law in section 11(6), assessee has not claimed acquisition of property towards application of income while computing the total taxable income.
ITAT Amritsar held that rejection of application for registration u/s 12AB of the Income Tax Act unsustainable as there is no violation of section 13(1)(c) by paying remuneration to the full-time working trustee.
ITAT Mumbai held that order passed without considering the documents and without examining the correct residential status of the assessee is liable to be restore back for de novo adjudication.
CESTAT Ahmedabad held that that appellants are eligible for benefit of Notification No. 67/95 and the duty demand on the quantity of oxygen so used in the manufacture of sulphuric acid, is liable to be set aside.
CESTAT Ahmedabad held that demand of excise duty equal to 10%/5% unsustainable as Cenvat credit in respect of common input service used in the manufacture of exempted goods reversed.
ITAT Delhi held that sales cannot be added under section 68 of the Income Tax Act unless they are proved as bogus on the basis of some reliable evidences.
ITAT Surat held that revisionary order passed by PCIT under section 263 of the Income Tax Act without providing adequate opportunity to the assessee to file relevant material evidences and documents before him is liable to be remanded back for fresh consideration of the matter.
ITAT Mumbai held that disallowance under section 14A of the Income Tax Act cannot exceed the amount of exempt income. Hence, AO directed to restrict the disallowance to the extent of exempt income earned.
ITAT Kolkata held that addition on account of lesser amount considered as claw back payment unsustained as in case, a higher amount is to be considered as claw back payment, then a higher amount is to be allowed as a deduction not character of income
ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit sustained as identity and creditworthiness of the parties and genuineness of the transaction not proved.
