ITAT Ahmedabad held that addition u/s. 56(2)(vii)(b)(ii) of the Income Tax Act justified due to difference stamp duty value of the property and sale consideration. Accordingly, appeal of the assessee allowed.
Delhi High Court held that delay in submission of physical copy of certified order condoned since online filing of an appeal u/s. 107 of CGST Act, 2017 along with order within time limit.
ITAT Ahmedabad held that interest income earned from business activity is classifiable as business income and accordingly, relevant expenses allowed as deduction. Hence, appeal of the assessee allowed.
CESTAT Bangalore held that imported coco beans which didn’t satisfied the quality standards were permitted to re-export and accordingly, redemption fine and penalty imposed on the same reduced.
The officers of D.G.G.I., Meerut Zonal Unit received an information that a racket is indulged in creation of fake firms and issuance of bogus bills and invoices without any supply of goods and services.
ITAT Ahmedabad held that interest received by co-operative society from SBI, which is a Nationalized Bank, is not allowable as per the section 80(P) of the Income Tax Act. Accordingly, AO directed to carry out proper adjudication and verification.
The date on which AO passed the above order was 28.11.2019; therefore, re-opening of case for AY.2011-12 is time barred as per the clear provisions of section 150(2) of the Act. Hence, the direction of the CIT(A) is not in accordance with law and is liable to be quashed.
ITAT Surat held that in absence of any corroborative evidence with regard to payment of amount mentioned in sauda chitti, assessee is not entitled to claim enhanced cost of acquisition and hence appeal of the assessee dismissed.
ITAT Mumbai held that additional claim of deduction of bad debts under section 36(1)(vii) of the Income Tax Act filed during the course of assessment other than filing a revised return is allowable. Accordingly, appeal of the assessee allowed.
ITAT Mumbai held that notice for re-assessment proceeding under section 148 of the Income Tax Act issued on a non-existing entity i.e. merged entity is void ab initio and hence is liable to be quashed.
