ITAT Ahmedabad held that since the assessee, being an agriculturist was not well versed with tax proceedings, was unable to file required documents against addition on account of unexplained cash credit u/s. 69A of the Income Tax Act before AO.
Delhi High Court held that recourse to Rule 8D of Income Tax Rules for computing disallowance u/s. 14A not allowable since assessee’s computation of expense attributable to earning exempt income not found inadequate.
ITAT Mumbai held that once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure. Hence, addition under section 69C of the Income Tax Act for cash payments deleted.
ITAT Delhi held that cancellation of provisional registration u/s. 12A and 80G of the Income Tax Act as well as denial of final registration by CIT(E) without considering reply furnished by the assessee is violative of principles of natural justice.
Kerala High Court held that provisional attachment of properties purchased before commission of offence under section 5(1) of Prevention of Money-Laundering Act, 2002 [PML Act] is ex-facie null and void. Accordingly, order attaching property quashed.
NCLT Mumbai held that sale of property of personal guarantors by financial creditor under SARFAESI Act during protection of moratorium under section 96 of the IBC is invalid sale as protection of moratorium under section 96 is far greater than of section 14.
During the course of survey proceedings, the statement of one of the partners of the firm Mr. Zinu, was recorded, who had stated that he earns commission @ 5.5% from M/s Shapoorji Pallonji for supply of manpower.
This appeal arises from an order dated 09.01.2024 by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The Appellant, Mr. Puneet P. Bhatia, a suspended director of Barracks Retail India Pvt. Ltd.
PCIT was of the view that the export incentives and other income claimed by the assessee were not eligible for the exemption u/s. 10AA. PCIT was of the view that the assessee had claimed excess exemption under Section 10AA by a sum of Rs. 7,08,83,828.
ITAT Delhi held that interest under section 234A of the Income Tax Act is leviable from the first date immediately following the due date till the date of full discharge of entire tax liability. Interest u/s. 234A has no relevance of date of filing of ITR.
