Held that deeming provisions of section 115BBE doesn’t apply as source of income clearly explained and established by the assessee
Held that minimum threshold limit of INR 1 Crore for maintainability of application for CIRP proceedings u/s 9 of IBC includes both principal debt as well as interest on delayed payment.
Held that factors like high status, family tradition, deduction on account of purity and deduction towards Streedhan should be considered before making addition on account of unexplained investment. Accordingly, addition deleted.
Allegation of undue export benefit relying heavily on the statement which was not supported by any corroborative evidence cannot be sustained.
Commissioner of Central Excise & Service Tax Vs Hi-Tech Bottling Private Limited (CESTAT Kolkata) Held that the process of manufacture consisting of blending, bottling, and packaging of Indian-made foreign liquor is covered within the definition of manufacture and hence excluded from the purview of Business Auxiliary Service Facts- The assessee is engaged in carrying out […]
ACIT Vs Genus Electrotech Limited (ITAT Delhi) Held that sales tax incentive subsidy and excise duty incentive are in the nature of capital receipts and thus not chargeable to tax as regular income as well as income u/s 115JB for computation of book profit. Facts- In the order u/s 154, AO noted that assessee had […]
Portfolio Management Services earning should be assessed as ‘Capital gains’ and not as ‘Profit and gains of business or profession’.
ITAT Held that if application is moved well in time for seeking completion certificate from the Municipal Corporation and delay in issuance of completion certificate is not attributable to the assessee. Then, date of application should be considered for claiming deduction u/s 80IB
Extended period of limitation cannot be invoked in absence of deliberate suppression of facts with intention to evade payment of duty
HC Held that authorities cannot encash Bank Guarantee given by Assessee before expiry of statutory period available for filing an appeal.
