ITAT Bangalore held that deduction under section 80P of the Income Tax Act is duly available to the entities registered under Karnataka Souharda Sahakari Act, 1997.
ITAT Mumbai held that penalty under section 271(1)(c) of the Income Tax Act is leviable as incomes were not offered to taxation with a dishonest intention to conceal the income and evade tax.
ITAT Mumbai held that exemption under Section 10(23C) of the Income Tax Act is available to the payments received for consultancy services provided by university.
The main grievance of the appellant, which is an Association of Indian Steel producer in India, is that despite the recommendation made by the designated authority in the final finding pursuant to the sunset review investigation that was initiated for imposition of anti-dumping duty on imports of colour coated/pre-painted flat products of alloy or non-alloy steel originated in or exported from China PR and European Union , the Central Government did not issue a notification for imposition of anti-dumping duty though three months expired from the date of publication of final finding.
ITAT Kolkata held the levy of penalty under section 271AAB of the Income Tax Act without specifying the charge on which the same is imposable is unsustainable in law.
ITAT Jaipur set aside the CIT(A) order as the same being non-speaking and cryptic order which is passed against the principles of natural justice as opportunity to the AO to ascertain the correct fact was not granted.
Madras High Court held that as taxes are the main source of income for the Government to concentrate on the welfare of the people companies/firms/entities which evade payment of tax are liable to be punished under criminal charges with substantial penalties.
Bombay High Court held that the clause contained in the invoices which clearly stipulate a reference to arbitration, deserve to be construed as an arbitration clause as parties duly acted upon the invoice. Accordingly, clause squarely fall within the ambit of Section 7 of the Arbitration and Conciliation Act, 1996
ITAT Mumbai held that lease rental paid in respect of the vehicles used by its employees is revenue in nature and allowable as deduction.
ITAT Ahmedabad held that mere receipt of amount via banking channel doesn’t make the transaction as genuine. Addition u/s 68 of the Income Tax Act sustainable because of non-establishment of identity of creditor, genuineness of transaction and credit worthiness of the parties.
