Kerala High Court held that since statute doesn’t provide for any outer time limit, assessment under section 17D of the Kerala General Sales Tax Act, 1963 should be finalized within reasonable period.
ITAT Raipur held that addition upheld by CIT(A) without passing a speaking order in the backdrop of documents uploaded by the assessee. Accordingly, matter is restored back to the file of CIT(A) for re-adjudication.
ITAT Ahmedabad held that payment of non-compete fees to retiring partner is revenue expenditure. Accordingly, considering the same as capital expenditure not justifiable. The appeal is allowed to that extent.
Delhi High Court held that redemption fine needs to be waived once the tax payer has availed the benefits of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 [SVLDR Scheme] and has paid the amount in terms thereof.
Gujarat High Court held that reassessment under section 148 of the Income Tax Act is liable to be quashed since income earned in NRE Account is exempt under section 10(4)(ii) of the Act and hence there is no question of escapement of income.
Madras High Court modified the conditions for provisional release of goods [Viscose Knitted Fabric] due to alleged undervaluation and misclassification and directed to pay entire declared duty; 50% of differential duty and execute bond of specified sum.
ITAT Jaipur held that the Alumni Association cannot be said to be working for the benefit of its members only and the same will amount for the benefit of public at large. Accordingly, Alumni Association is for the benefit of public and eligible for registration. Thus, appeal is allowed.
Fiberhome India Private Limited Vs Principal Commissioner of Customs (CESTAT Delhi) CESTAT Delhi held that Populated/Loaded/Printed Circuit Boards [PCB] cards are used as parts of OTN equipment and hence are classifiable under CTI 8517 70 90 and not under CTI 8517 62 90. Facts- The appellant manufactures ‘Optical Transport Network’ equipment for supply to the […]
ITAT Hyderabad held that once it is proved that amount is invested towards purchase of new residential property then deduction under section 54F of the Income Tax Act cannot be denied merely because property got registered beyond stipulated period.
ITAT Nagpur held that addition under section 43CA of the Income Tax Act unwarranted since difference between actual sale price and valuation as per DVO is within tolerance band of 10%. Accordingly, entire addition is directed to be deleted.
