ITAT Delhi held that foreign share holding duly disclosed with Income Tax Department and hence the same cannot be taxed under the Black Money Act. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
CESTAT Delhi held that penalty under section 114 of the Customs Act, 1962 cannot be imposed in the absence of any evidence that there was fraudulent export of goods. Accordingly, appeal allowed and penalty set aside.
Delhi High Court held that GST SCN uploaded on ‘Additional Notices Tab’ was not noticed by the petitioner. Hence, order set aside and matter remanded back to Adjudicating Authority. Further, petitioner is granted time to file their reply.
CESTAT Delhi held that re-determination of transaction value merely on the basis of emails of quotations of different supplier cannot be sustained since there is absolutely no evidence for rejection of transaction value.
ITAT Delhi held that disallowance of expenditure on adhoc basis without contrary material and without rejection of books of accounts not justifiable. Accordingly, disallowance made in the impugned order deleted.
Hon’ble Supreme Court in Consolidated Construction Consortium Ltd. vs Hitro Energy Solutions Pvt (2022) 7 SCC 164 has held that with respect to the fact that receiver of goods who has paid advances is also an Operational Creditor.
Delhi High Court held that it is no longer open for the department to proceed with the adjudication of show cause notice which had not been adjudicated for almost fourteen years. Thus, letter recommencing adjudication proceedings are set aside.
ITAT Mumbai held that since donations collected were parked in savings bank account of assessee and funds were used for personal purpose hence donation collected are taxable u/s. 56(2)(x) of the Income Tax Act. Accordingly, appeal of the assessee dismissed.
ITAT Hyderabad held that disallowance by invoking provisions of section 36(1)(iii) of the Income Tax Act not sustained since the sum is not an advance/loan to sister concern, however, it is an investment.
Madras High Court held that in re-assessment proceedings the objections of assessee should be dealt in accordance with GKN Driveshafts principle. Here, all the proceedings are set aside since the GKN Driveshafts principle has not been strictly adhered to.
