Allahabad High Court disposed of the writ petition stating that it is premature to reach a fact conclusion whether Ethephon is an insecticide to which exemption is available or not available under Section 38(1)(b) of the Insecticide Act, 1968 as proceeding u/s 124 is pending.
ITAT Kolkata held that there is no finding that interest bearing funds have been applied for purpose of making investment. Further, on account of sufficient availability of interest free funds, interest disallowance under rule 8D(2)(ii) unjustified.
ITAT Mumbai held that the assessee had furnished sufficient evidences to justify the genuineness of the payments and therefore their mere non-attendance of summons, cannot be reason enough to disbelieve the genuineness of the transactions with them. Accordingly, addition u/s. 69C deleted.
ITAT Delhi held that imposition of penalty under section 270A of the Income Tax Act unsustainable in absence of any malafide intention on the part of the assessee to claim excess deduction under section 32AC of the Income Tax Act.
ITAT Mumbai held that the determination of Arm’s Length Price (ALP) without applying any methods as prescribed under section 92C(1) of the Income Tax Act by the TPO is not tenable in law.
Madras High Court held that goods cannot be confiscated and vested with the Government. Thus, court ordered provisional release of imported consignment of prohibited black pepper u/s. 110A of the Customs Act on satisfying specific conditions and requirements.
Bombay High Court held that application of Enforcement Directorate u/s. 4 read with Section 12 of the Fugitive Economic Offenders Ordinance, 2018 praying that the Applicant (Mehul Choksi) be declared as a fugitive economic offender is acceptable as requirement of Section 4 duly complied.
ITAT Hyderabad held that interest on trade receivables u/s. 92B(1) of the Income Tax Act could be determined by applying SBI short-term deposit rates.
ITAT Jodhpur held that addition under section 68 of the Income Tax Act towards unexplained credit unsustainable as genuineness of the depositors provided by filing confirmation, affidavits, bank statement, etc.
Delhi High Court held that amendment of shipping bill u/s 149 of the Customs Act, 1962 allowed based on the documentary evidences which was in existence at the time the goods were exported.
