ITAT Ahmedabad held that appellate authority has jurisdiction to entertain new claim. Accordingly, additional claim for deduction on account of ESOP is allowed. Accordingly, appeal allowed to that extent.
ITAT Rajkot held that transactions of sale and purchases cannot be treated as cash credit/bogus under section 68 of the Act, if they are circular in nature. Also held that profit margin of 12.50% can never be possible in case of circular trading activities.
ITAT Hyderabad held that assessee failed to participate in proceeding and produce any explanation or source of deposits as well as credits since he was in judicial custody. Accordingly, matter remanded back for fresh adjudication.
Bombay High Court held that the entire amounts of insurance claim received for death of horses is to be treated as capital receipt governed only by provisions of Section 45(1) of the Income Tax Act. Hence, the same is not chargeable to tax. Accordingly, appeal allowed.
NCLAT Delhi held that it is well settled proposition of law that for a pre-existing dispute to be a ground to nullify an application under Section 9 of the Insolvency and Bankruptcy Code. Accordingly, adjudicating authority rightly rejected application u/s. 9.
CESTAT Delhi held that mere act of purchasing gold without bill is highly insufficient to confirm the grave allegations of conspiring the act of smuggling of gold. Accordingly, the order imposing penalty on the appellants and confiscating their money is held not sustainable.
Jammu Kashmir High Court held that GST is leviable on rental income received by renting out hotel premises to the Police Department of Government of Jammu and Kashmir. Thus, Department of Home directed to reimburse the GST amount.
ITAT Hyderabad held that NHAI grant shall not be reduced from the cost of project before allowing amortization of cost of project. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld.
Gujarat High Court held that assessee is not at fault for delay caused in filing the return of income claiming the refund of TDS as no tax was payable by the petitioners on the amount of interest under section 194LA of the Act, 1961. Accordingly, interest u/s. 244A of the Income Tax Act duly admissible.
ITAT Chandigarh held that addition based on statement is liable to be quashed as the statement was recorded from the back of the assessee and the assessee was not given an opportunity to cross-examine the deponent. Accordingly, appeal of revenue dismissed.
