ITAT Mumbai held that the unabsorbed depreciation which is carried forward from earlier years is permitted to be set off against the short term capital gains.
Delhi High Court held that applicant cannot be denied the benefit of time spent by it in pursuing the review application as it was a sufficient cause which sought to explain the delay. Accordingly, delay of 79 days in filing appeal condoned.
Delhi High Court held that the insertion of second proviso to Section 40(a)(ia) of the Act is declaratory and curative in nature and has retrospective effect from 1st April 2005. Petition dismissed in view that appeal doesn’t bear any substantial question of law.
ITAT Mumbai held that were the co-operative society receives/earns the interest on deposits with the co-operative bank is eligible for claim of deduction under Section 80(2)(d) of the Income Tax Act.
Punjab and Haryana High Court held that addition under section 69 of the Income Tax Act towards unexplained investment unsustainable as nature and source of the investment duly explained.
Andra Pradesh High Court dismissed the writ petition preferred against show cause notice in Form GST DRC-01 as the petitioner is required to approach the authority which has issued the notice and file the necessary objections with evidence.
ITAT Mumbai held that addition u/s. 68 of the Income Tax Act towards unexplained cash credit unsustainable as the addition was made by AO on the basis of presumptions and conjectures and without conducting any independent investigation.
CESTAT Bangalore held that destruction of obsolete goods allowed to EOU on payment of duty on scrap value. Accordingly, held that when goods are destroyed EOU is not liable to pay duty on original value at the time of import.
Kerala High Court held that Municipality cannot grant remission of the property tax in absence of valid advance notice, as required under sub-section (3) of section 239 of the Kerala Municipality Act, to the Secretary for claiming remission of property tax in respect of the building that is vacant or which would be vacant from a particular date.
ITAT Visakhapatnam held that cooperative society is eligible for deduction U/s. 80P(2)(a)(i) of the Income Tax Act on the interest income received from investment in banks.
