ITAT Hyderabad held that addition under section 56(2)(viib) of the Income Tax Act sustained as method adopted for determination of FMV of equity shares by the assessee is not as per method prescribed under rule 11UA of Income Tax Rules.
ITAT Mumbai held that reopening of assessment unsustainable as there is no satisfaction of the competent authority before issuance of notice under section 148 of the Income Tax Act.
Supreme Court held that Mosquito Mats, Coils and Vaporizers and Mortein Insect Killers; Harpic Toilet Cleaner and Lizol Floor Cleaners are subject to 12.5% VAT and Dettol falling under entry 36(8)(h)(vi) of Schedule III of KVAT Act is subject to 4% VAT.
ITAT Mumbai held that once it is established that the funds are used wholly and exclusively for the purpose of business interest paid on such borrowed funds is allowed u/s. 36(1)(iii) of the Income Tax Act.
Delhi High Court held that section 3(9) of the DVAT Act does not specifically provide a time-frame for submission of documents. Accordingly, relevant documents with respect to possession of goods by person found in custody of goods should be submitted within a reasonable time.
ITAT Delhi held that expenditure towards clinical trial incurred solely and exclusively for the business purpose is allowable expenditure.
CESTAT Delhi held that penalty under section 114AA of the Customs Act, 1962 is not imposable as the only declaration made by the respondent is the Bill of Entry and the goods were found as per the declaration in the Bill of Entry.
Madras High Court set aside the impugned order as it was based on one basis that writ petitioner’s case is not covered under instruction no. 1914 dated 02.12.1993.
Supreme Court held that rule 3A(2) of the Tripura Sales Tax Rules, 1976 (TST Rules) are not ultra vires to Tripura Sales Tax Act, 1976 (TST Act). Accordingly, 4% tax deductible on transfer of right to use goods.
Patna High Court held that in case the petitioner makes deposit of a sum equal to 20% of the remaining amount of tax in dispute then the petitioner must be extended the statutory benefit of stay u/s. 112(9) of the Bihar Goods and Services Tax Act, 2017 (BGST Act) for he cannot be deprived of the benefit, due to non- constitution of the Tribunal.
