Delhi High Court held that section 45(3) of the Customs Act provides that the custodian of the imported goods having been in custody is liable to pay duty in case they are pilfered while in custody. Accordingly, customs duty and penalty rightly levied.
Madras High Court held that passing of order cancelling GST registration without considering the submitted proofs is unsustainable. Accordingly, revoked the cancellation order.
Madras High Court held that there cannot be any excuse for not filing the counter affidavits in time. Thus, Standing Counsel directed to be prompt in filing the counter affidavits and make themselves ready to argue the cases without seeking more adjournments.
Kerala High Court held that income received by Co-operative Society by way of interest, on deposits of surplus profits earned by it, qualifies for the deduction contemplated under Section 80P(2)(a) of the Income Tax Act.
CESTAT Chennai held that air compressors used in car air conditioners are correctly classifiable under CTH 8414 8011 of the Customs Tariff Act, 1975. Appeal allowed and duty demand set aside.
CESTAT Kolkata held that Social Welfare Surcharge would be nil in case where the aggregate of customs duties is zero. Thus, Social Welfare Surcharge not payable when Basic Customs Duty payable is zero.
Delhi High Court granted bail in excise policy case as ED case is documentary in nature and all the documents are collected and there is no likelihood of his tampering with the witnesses or influencing the witnesses.
Delhi High Court held that rental income earned from factory building it taxable under the head Income from house property and is eligible for deduction under provisions of section 24 of the Income Tax Act.
Delhi High Court held that difference between purchase price of Stock Appreciation Right and the sale price at the time of exercise by the employees, holding the same to be revenue loss allowable as business deduction as expenditure incurred as per SEBI guidelines.
ITAT Delhi held that damages are compensation received is a capital receipt, however, interest on damages is to be treated as revenue receipt hence the same is taxable.
