ITAT Bangalore held that addition under section 68 of the Income Tax Act towards unexplained money send back for de novo reassessment due to difference in amounts and unclear information.
Orissa High Court dismissed the petition relating to levy of fine due to late filing of bill of entry due to availability of statutory remedy. Directed petitioner to find statutory remedy who can deal with its grievance.
The assessee is an individual, whose case for AY 2011-12 was reopened on the basis of AIR information available in the system of department, accordingly, a notice u/s 148 was issued on 30.03.2018 and served upon the assessee through RPAD.
The petitioner has filed the present petition impugning a notice dated 27.03.2018 issued under Section 148 of the Income Tax Act, 1961 for reopening the petitioner’s assessment for the Assessment Year 2011-12.
Kerala High Court held that depreciation allowance is deemed to be business loss for section 71 and 72 and can be set off only against profits or gains of business and not against income from any other sources.
ITAT Jaipur held that mere entering into the Development Agreement would not permit invocation of section 45(2) of the Income Tax Act. There is no positive act which indicates that the assessee has treated capital asset as stock-in-trade.
During the course of search/survey operations, it was noticed that the assessee has paid labour charges to three concerns. Post investigation, AO came to the conclusion that the labour charges paid to the concerns were also not genuine.
ITAT Bangalore held that rejection of exemption u/s. 11 of the Income Tax Act due to non-appearance of form 10B in e-filing portal unjustified as form was already filed but was not appearing in e-filing portal. Matter remanded for fresh consideration.
ITAT Bangalore held that approval given under section 153D of the Income Tax Act at the fag end of assessment in a mechanical manner and without application of mind is invalid and bad in law.
CESTAT Bangalore held that DLP data projectors having additional facility of video port are classifiable under CTH 8528 6100 and not under 8528 6900 and accordingly, benefit of notification no. 24/2005-Cus dated 01.03.2005 extended to its import.
