ITAT Ahmedabad held that claim of assessee that income declared under Pradhan Mantri Garib Kalyan Yojana [PMGKY] and hence the same should not be treated as unexplained deposits needs verification. Hence, matter remitted to AO to verify the same.
ITAT Ahmedabad held that addition under section 69A of the Income Tax Act not sustained since three key ingredients i.e. identity, genuineness and creditworthiness of parties being proved. Accordingly, appeal of assessee allowed.
ITAT Pune held that delay in filing of an appeal before CIT(A) condoned due to company’s financial position and non-pursuing of appeals by tax consultant. Accordingly, matter remitted to file of CIT(A) for denovo adjudication.
ITAT Ahmedabad held that no disallowance under Section 43B of the Act can be made when deduction is not claimed in the profit and loss account [P&L account], and the liability is disclosed as a current liability. Accordingly, matter restored to AO to verify VAT liability.
Telangana High Court held that issuance of garnishee notice attaching bank account despite pendency of appeal and stay application is not sustainable and same deserved to be set aside. Accordingly, writ petition disposed of.
ITAT Ahmedabad held that section 275(1A) of the Act empowers AO to impose or enhance or reduce or cancel penalty pursuant to the quantum appeal before higher appellate authority or court by giving effect to the quantum order.
Delhi High Court held that independent non-executive director cannot be held liable for non-fulfilment of export obligations by the company. Accordingly, penalty imposed on the director is liable to be set aside.
During the year, assessee has entered into several international transactions as per Form 3CEB and after analyzing the transactions under consideration. By relying on various decisions, TPO has rejected the submissions of the assessee.
CESTAT Bangalore held that question of redetermination of value doesn’t arise since the impugned goods were replacement for goods imported earlier which were found to be defective. Accordingly, appeal allowed.
Delhi High Court held that initiation of reassessment proceedings by issuance of notice under section 148 of the Income Tax Act is not sustainable in law in as much as the same is barred by limitation as stipulated u/s. 149 (1) of the Income Tax Act.
