Uttarakhand High Court held that issuance of notice by Commissioner (Appeals) mandatory in terms of section 251(2) of the Income Tax Act before enhancing the assessment.
ITAT Delhi held that addition of unexplained credit u/s 68 of the Income Tax Act sustained as the appellant failed to provide any explanation with regard to the nature and source of the credit.
CESTAT Ahmedabad held that value of bought out items supplied along with manufactured goods cannot be included in the assessable value of the manufactured goods.
ITAT Ahmedabad held that interest income related to FD interest, interest from customer’s receipts and interest income from business advances is eligible for deduction under section 80IAB of the Income Tax Act.
ITAT Pune held that waiver of cash loan by holding company is not income within the purview of section 28(iv) of the Income Tax Act. Accordingly, addition unsustainable.
Telangana High Court held that writ jurisdiction under Article 226 of the Constitution of India not invocable as adequate and effective alternative remedy under Section 144C of the Act by way of filing objections before the Dispute Resolution panel available to the petitioner.
ITAT Mumbai held that while computing notional rent, rent should be estimated on the basis of municipal rateable value.
CESTAT Ahmedabad held that the product MIRACULAN which primarily contains Traicontanol 0.05% by weight is a product under the category of Insecticides and cannot be considered as the plant growth regulator.
ITAT Kolkata held that education cess and Secondary and higher Secondary Education cess being part of the tax is not allowable as deduction.
ITAT Cochin held that amendment to section 40(a)(ia) of the Income Tax Act made by the Finance Act 2020 is retrospective in nature. Accordingly, TDS deposited on or before the due date of filing return u/s 139(1) is allowable.
