Madras High Court held that restrictions imposed under Rule 36(4) of the Central Goods and Services Tax (CGST) Rules, 2017 and Tamil Nadu Goods and Services Tax (TNGST) Rules, 2017 is not violative of Article 14 of the Constitution of India. Accordingly, writ petition dismissed.
ITAT Delhi held that assessment order passed by AO under section 153C read with section 143(3) of the Income Tax Act is passed beyond prescribed time limited. Hence, the order barred by limitation is liable to be quashed.
The assessee imported certain quantity of crude degummed soyabean oil of edible grade in bulk at Jamnagar and filed bill of entry on 02.09.2002 seeking clearance of the imported goods for home consumption.
ITAT Mumbai held that income from the shareholders’ account was held to be taxable as income from life insurance business. Accordingly, income from shareholders’ account is taxable under the head “Profits and Gains of Business or Profession”. Thus, appeal of revenue dismissed.
Delhi High Court held that valuation of unquoted equity shares held by the assessee by Discounted Cash Flow [DCF] method is permissible under rule 11UA(2) of the Income Tax Rules. Accordingly, appeal of revenue dismissed.
CESTAT Delhi held that EPCG Scheme exemption notification no. 102/2009-Cus dated 11.09.2009 in respect of sericulture industry exempts importer from requirement of maintaining average level of export, however, requirement of export obligation is not exempted.
The Revenue alleges that the appellants/assessee got the said company CCL incorporated only for the purpose acquiring properties in UK by which he could avoid declaration of the ownership in the properties in India.
Madras High Court held that transfer order under section 127 of the Income Tax Act is legally untenable on account of various procedural lapses. Hence, the transfer order is quashed and matter is remanded bank for passing fresh orders on merits.
Delhi High Court held that payment of cross-cost charges doesn’t construed as royalties within scope of Article 12(3) of the India-US DTAA hence order rejecting application for NIL withholding tax set aside. AO directed to issue necessary certificate.
ITAT Chandigarh held that every error is not required to be corrected under Section 263 of the Income Tax Act. Revisionary proceedings u/s. 263 quashed as plausible view taken by the Assessing Officer.
