ITAT Delhi held that imposition of penalty under section 271(1)(c) of the Income Tax Act on a highly debatable issue is unsustainable in law.
ITAT Delhi held that depreciation on goodwill cannot be rejected merely because performance didn’t match projections. Notably, valuation of goodwill on discounted cash flow method was duly accepted by AO.
ITAT Chennai held that when assessee has explained the source for excess stock found during the course of survey, then, income offered towards excess stock cannot be treated as unexplained investment u/s. 69B of the Act.
Gujarat High Court held that re-opening sought on the basis of assessment record without any fresh tangible material is unsustainable in law.
CESTAT Delhi held that maintenance of pipelines are not exempted under any notification or provision or circular. Accordingly, the same is taxable under the category of ‘management, maintenance and repair’ services.
ITAT Mumbai held that compensation paid by the builder for facing hardship during redevelopment of flats is in nature of capital receipts and accordingly not liable to tax.
ITAT Kolkata held that addition based on such retracted statement of third person and that too without giving any opportunity of cross examination to the assessee deserves to be deleted.
Madras High Court directed the Chartered Accountant, who raised several allegations against the then President of the Institute, that if he is confident about the irregularities and has materials on record to establish the allegations, he is at liberty to register a case before the Competent Authority, including the Central Vigilance Commission or the Jurisdictional Police or otherwise.
CESTAT Chennai held that in absence of foreign marking and any other cogent evidence, onus is on department to prove that the smuggled nature of the goods.
Bombay High Court held that license fee is the price or the consideration for parting with such privilege, which is exclusively owned and controlled by the State Government. Complying with provisions of section 13A of the Goa Public Gambling Act requires payment of the same.
