Gujarat High Court held that amount invested in the pension policy is not claimed as relief under section 80CCC(1) and hence policy surrender value thereon is not taxabie under section 80CCC(2) of the Income Tax Act.
ITAT Chennai held that TPO unreasonably rejected the CUP method consistently followed by the assessee to bench mark international transaction with its Associated Enterprise as there was no change in the facts and circumstance of the case for the impugned Assessment Year.
ITAT Gauhati held that provisions of section 41(1) of the Income Tax Act cannot apply since the liability is still payable to sundry creditor and had not been written off in the books of account and there is no evidence to indicate that said liabilities had ceased to exist.
ITAT Ahmedabad held that disallowance of expenditure in the assessment year 2012 on the reason that company went into voluntary liquation is unsustainable as the company was not into liquidation in the impugned year.
Delhi High Court held that reassessment proceedings cannot be initiated by mere change of opinion of the Assessing Officer regarding the question of the fair market value or whether the amount paid by the assessee to his sisters was deductible from the total consideration.
ITAT Delhi held that expenses paid to legal and professionals for an opinion about legal and tax consequences of the prospective investment cannot be considered to be a capital expenditure. Such expenses are revenue in nature.
ITAT Jaipur held that since the intimation under section 143(1) of the Income Tax Act, 1961 is not reflected in the online system, there cannot remain any consequent grievances on account of the said intimation.
ITAT Delhi held that initiation of reassessment proceedings without applying his mind based only on the sole reason that as per AIR information assessee has deposited cash in his savings bank is without authority of law.
Orissa High Court held that Central Government, in exercise of the powers conferred by Sub-Section (3-A) of Section 7 of the P.G. Act, 1972, vide Notification dated 01.10.1987, notified that simple interest @10% is payable for the time gratuity is not paid within the specified period.
ITAT Bangalore held that addition merely on the basis of third-party information, without any corroborative evidence, gathered by the Investigation Wing of the Department is unsustainable in law.
