ITAT Delhi held that provisions of section 11(3) states that donations given out of accumulated funds u/s 11(2) of the Income Tax Act of earlier previous years are not allowable as application of income for charitable or religious purposes and the same shall be deemed to be income of the assessee.
ITAT Mumbai held that interest cost incurred towards acquisition of the clear title of the property is allowable as cost of acquisition.
ITAT Delhi held that estimation of profit at 10%, instead of 8% as adopted under presumptive scheme of taxation provided u/s. 44AD, justified as the same is guided by the principles of objectivity, fairness and consideration of justice.
CESTAT Bangalore held that top gas is refuse like dross and skimmings which are merely scum thrown out in the manufacture of aluminium sheets and have been held not to be “manufactured” goods.
ITAT Kolkata held that TPO failed to demonstrate that royalty payment by assessee to Associated Enterprises (AEs) is embedded in the process of the imported goods. Accordingly, upward adjustment thereon unsustainable.
CESTAT Kolkata held that onus cast on appellant u/s 123 not having been discharged, hence concluded that contraband gold smuggled from a third country of origin is liable to absolute confiscation.
Share-Based Payment Transactions (SBT) have become an integral part of modern business practices. These transactions occur when an entity settles payments by issuing equity instruments, such as shares or share options, instead of traditional cash.
Bombay High Court held that attachment of saving bank account and detention of goods in absence of duty demand without service of notice is also without jurisdiction and without any authority of law.
CESTAT Mumbai held that refund of unutilized Cenvat Credit of input services duly available even if there is export without payment of service tax.
ITAT Delhi held that addition under section 69C of the Income Tax Act towards unexplained expenditure based on dumb documents not sustainable in law.
