ITAT Bangalore held that where the assets and liabilities of an undertaking are sold as a group or lumped together such a sale would qualify as a slump sale Accordingly capital gain on the same should be computed as section 45 to 50 of the Income Tax Act.
CESTAT Mumbai held that demand under the provisions of Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 unsustainable as number of installed machines before and after replacement of machines remained same.
Punjab & Haryana High Court granted bail in fake GST matter as no recovery had been effected from the petitioner during police remand.
ITAT Pune held that interest income of co-operative society from investments/ deposits parked with co-operative bank is allowable as deduction to co-operative society under section 80P(2)(d) of the Income Tax Act.
ITAT Chennai held that disallowance u/s 40A(3) of the Income Tax Act sustainable as aggregate of the payments made to a single party otherwise by an account payee cheque drawn on a bank or account payee bank draft exceeds Rs.20,000/-in a day.
ITAT Hyderabad held that CIT(A)/ NFAC failed to consider circular no. F.173/193/2019-ITA-1 dated 23.04.2019 and subsequent circular No.2/2020 vide F.No.197/55/2018-ITA-I dated 03.01.2020 which are issued by CBDT and the same is binding on the revenue authorities. Accordingly, matter restored.
CESTAT Ahmedabad held that reverse charge not applicable on bank charges in respect of the foreign currency transaction between their local foreign banks engaged in facilitating the transfer of foreign exchange.
ITAT Delhi held that CRS, which was the source of revenue, was partially existent in the machines namely various computers installed at the premises of the subscribers. As assessee exercised complete control over the computers installed at premises of the subscribers. This amounted to a fixed place of business for carrying on the business of the enterprise in India.
Kerala High Court held that completion of the assessment on the basis of best judgment alleging that petitioner had not responded to pre-assessment notice is unsustainable as the notices were served to the e-mail address of the dissolved firm.
Alleged conversion of Rs. 156.22 Cr defrauded amount to Cryptocurrency: P&H HC denies Regular Bail to Accused in Winmoney Scam on Telegram
