ITAT Delhi held that ‘mark to market’ loss on future and forward contracts are not notional loss of contingent nature. Accordingly, foreign exchange fluctuation loss as claimed by the assessee allowed.
CESTAT Bangalore held that the goods i.e. ‘frequency converter’ is rightly classifiable under Chapter Heading 8504 and not under Chapter Heading 9032.
ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on various occasions such as marriages, birthdays, anniversaries, birth of a child, auspicious festivals and other such occasions is common. Accordingly, addition towards unexplained money u/s 69A deleted.
Delhi High Court held that section 205 of the Income Tax Act puts a bar on direct demand against the assessee to the extent where TDS is deducted from his income. It is irrelevant whether TDS is deposited or not and whether Form No. 16A is issued or not.
Delhi High Court rejected granting of bail on medical ground stating that he applicant is not suffering from any life threatening condition or sickness or infirmity which involves danger to his life and for which treatment cannot be provided to the applicant in jail.
CESTAT Mumbai held that section 111(m) of Customs Act, 1962 may be invoked only upon material particulars being misdeclared and this detriment is in addition to duty liability determined under section 28 of Customs Act, 1962.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not leviable since there is no concealment of particulars of income by the assessee.
CESTAT Mumbai held that unless a Trade Mark/ Brand Name is registered in the name of the assessee, the assessee is not entitled to the benefit of SSI exemption notification.
Delhi High Court concluded that Appellate Authority failed to consider the contention of the petitioner that there was no supply of service via-a-vis refund of GST. Accordingly, matter remanded to Appellate Authority.
Delhi High Court held that the respondent organizing trade fairs at Pragati Maidan, New Delhi is liable to pay entertainment tax. Accordingly, order passed by Financial Commissioner setting aside levy of entertainment tax held unsustainable.
