ITAT Mumbai held that addition under section 68 of the Income Tax Act made towards penny stock deleted since assessee duly discharged the onus cast upon him and there is no adverse order/penalty order against the Assessee.
The application made by the Financial Creditor is complete in all respects as required by law. Therefore, the debt and default stand established and there is no reason to deny the admission of the Petition.
ITAT Ahmedabad held that disallowances on account of excess contribution to PF deleted since the same didn’t exceed 27% of the salary and wages in terms of rule 87 of the Income Tax Rules. Accordingly, appeal allowed to that extent.
Delhi High Court held that since court is unable to reach to conclusion that applicant is not guilty and also the threshold of section 37 of Narcotic Drugs and Psychotropic Substances Act, 1985 [NDPS Act] not crossed, the bail application is rejected.
The Assessing Officer (hereafter AO) had made an addition to the income as returned by the respondent under Section 68 of the Act and disallowed the addition made under Section 14A of the Act.
The writ petitioner company is non-deposit taking Non-Banking Financial Company (NBFC) having license from the Reserve Bank of India (RBI) for functioning as a Micro Finance Institution (MFI) registered with RBI.
Bombay High Court held that when the petitioner satisfied the requirements of Section 31(3)(d) of the CGST Act denial of input tax credit to the petitioner is arbitrary and illegal and contrary to the provisions of Section 16 of the CGST / MGST Act.
ITAT Bangalore held that interest income received from co-operative society or co-operative banks is eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, matter restored to AO to examine the source of interest income.
Kerala High Court held that order simply proceeded due to non-submission of reply to show cause notice issued under section 74 of the CGST/SGST Act not justified. Accordingly, matter restored back for fresh consideration.
If the authorities decide not to entertain the said request, he shall give detailed reasons as to why the said order is being made. Further proceedings, pursuant to DRC- O7 notice dated 02.01.2024 shall be kept in abeyance.
