ITAT Ahmedabad held that disallowance of interest under section 14A unjustified as assessee’s own funds are far in excess of the investments made in funds yielding exempt income.
Madras High Court held that petitioner providing services to National Highways Department of India (NHAI) is not liable to pay GST till either invoice is raised or amount/ payment is received in Annuities.
CESTAT Delhi held that substantive benefit of the appellant cannot be taken away merely because the refund claim is filed under Rule 18 of the Central Excise Rules, 2002 instead of Rules 5 of Cenvat Credit Rules, 2004.
Supreme Court held that Banks/ Non-Banking Financial Companies (NBFCs) are obliged to adopt restructuring process of MSME as contemplated in Notification dated 29th May 2015 prior to classification of account as Non-Performing Assets (NPA).
CESTAT Chandigarh held that banking services provided by Nationalized Bank to Reserve Bank of India are exempted from levy of service tax. Accordingly, service tax not leviable.
ITAT Bangalore held that AO not allowed to interfere in method selected for valuation of share by the assessee u/s. 56(2)(viib) of the Income Tax Act read with rule 11UA(2) of the Income Tax Rules. Thus, AO cannot change the method from DCF to NAV method.
Delhi High Court held that in case of search, block period of ten years for search assessment, would not be attracted in case the search has taken place before 1st April 2017.
ITAT Ahmedabad held that interest income earned by the assessee (i.e. Cooperative society) from deposits with Cooperative Banks shall be allowed as deduction u/s 80P(2)(d) of the Income Tax Act.
Rajasthan High Court held that addition u/s. 68 of the Income Tax Act towards unexplained cash credit sustained as assessee failed to discharge initial onus of proving identity, creditworthiness and genuineness of transaction.
ITAT Delhi held that addition towards excess stock merely on the basis of recorded statements and without any corroborative evidence of unaccounted sales is untenable in law. Accordingly, addition deleted.
