ITAT Delhi held that applying the provisions of section 51 of the Act, the amount of advance which was forfeited would be deducted from the cost of acquisition of the asset at the time of actual transfer of the asset in future.
ITAT Mumbai held that merely because assessee has dealt with suspected scrips, addition u/s 69C is not justified as purchase and sale of scrips were through recognized stock exchange and payments were through banking channel only.
Madras High Court held that the object of Section 80 of the Tamil Nadu Goods and Services Tax Act, 2017 (TNGST) is only to benefit an assessee who has been complaint in effecting payment of the admitted tax. Benefit of section 80 not available in case of amount due as per the liability self-assessed in any return.
ITAT Kolkata held that provisions of section 40A(3) of the Income Tax Act doesn’t apply to cash payments when ultimately the amount is deposited in the bank account of the payee.
ITAT Delhi held that interest on bank deposits, receipts of subsidy and insurance claim are eligible to be included in profits of 100% export oriented unit for purpose of claiming deduction under section 10B of the Income Tax Act.
CESTAT Chennai held that there is no Service Tax liability as and when the construction of flat is for the personal use of the service recipient.
CESTAT Ahmedabad held that no hard and fast rule can be laid down for fixing quantum of redemption fine but the same has to be done, depending upon facts and circumstances of each case
Supreme Court held that addition u/s 69C as unexplained income sustained as based on search conducted in group concern it was found that assessee was maintaining the books of accounts outside regular books.
CESTAT Ahmedabad held that purchase of land from landowners and re-sale of the same to Real Estate Developers doesn’t fall under the category of ‘Real Estate Agency Service’ and hence not liable to service tax.
CESTAT Ahmedabad held that irrespective of the fact that whether at the supplier’s end duty is payable or otherwise, CENVAT Credit not deniable once duty has been paid on the goods at the recipient end. In nut-shell, CENVAT not deniable on the ground that the supplier was not liable to pay duty on goods supplied.
