ITAT Cuttack held that claim of exemption of long term capital gains (LTCG), from sale of equity shares, under section 10(38) of Income Tax Act, 1961 allowable as requisite conditions satisfied.
Held that the ceiling of 20% under Rule 6(3)(c) is not applicable to capital goods and 17 input services specified under Rule 6(5) of the CENVAT Credit Rules, 2004.
ITAT Mumbai held that deduction under section 80P(2)(d) of the Income Tax Act duly available on interest income earned from FDs and RDs invested with cooperative bank.
CESTAT Delhi held that confirmation of demand without identifying the common inputs used for both taxable as well as exempted services is unsustainable and liable to be quashed.
ITAT Mumbai held that denial of exemption under section 10(23C)(vi) of the Income Tax Act justified as assessee has been found to be not ‘existing’ solely for the purposes of education.
Delhi High Court held that invocation of provisional attachment provisions u/s 83 of the CGST Act for securing the revenue of another taxable person (and not for the interest of government revenue) is unsustainable in law.
ITAT Indore held that the deeming fiction created in section 50C cannot be extended to the provision of section 69 or 69B or any other of the Act in the case of purchaser to make the purchaser liable for tax.
ITAT Delhi held that as the original return was only processed u/s 143(1), AO can duly initiate re-opening of proceedings under section 147 of the Income Tax Act so as to bring the escaped income into tax.
Delhi High Court held that, in respect of gold jewellery, which was exported for exhibitions and re-imported into the country, the procedure of filing of a B/E, under Section 46 of the Customs Act, was inapplicable.
NCLAT Delhi held that role of company as well as the appellant in providing inputs for arriving at rigged pricing is somehow or the other proved. Accordingly, imposition of penalty by the Commission cannot be faulted.
