High Court upheld the validity of the suo motu power under Section 56 and the classification finding, but held that the clarificatory order holding that “thermic fluid heaters” were not specifically covered under Schedule III and were taxable at 12.5% as a residuary (RNR) item under SRO 82/2006 could operate only prospectively from 07.04.2016 onwards, and not for AY 2009–10.
Tribunal granted substantial relief to Wadhwagroup Holdings by deleting tax disallowances aggregating ₹2,13,03,85,960. Tribunal dealt with issues relating to subleasing expenses, reversal of flat sales, project construction costs, interest expenditure, classification of common area maintenance (CAM) charges, and deemed rental income under the Income Tax Act, 1961, and ruled largely in favour of the assessee.
Since voluntarily filed returns could not be revised through additional evidence under Rule 29 of the ITAT Rules (Income Tax (Appellate Tribunal) Rules, 1963) and additional evidence was inadmissible and that the seized cash was rightly treated as unexplained income under Section 69A, taxable under Section 115BBE.
Voluntary admission of turnover suppression made by a dealer at the time of inspection carried strong evidentiary value and could not be retracted without credible evidence. Appellate Assistant Commissioner and Tribunal erred in setting aside the assessment, as their reasoning was contrary to the evidence on record.
Provident fund dues were protected by statute and same were excluded from the liquidation estate of a company under Section 36(4)(a)(iii) of the Insolvency and Bankruptcy Code, 2016, thus, could not be denied to claimants on grounds of delay as it would defeat the object of protecting employees’ social security.
Assessee-company provided software-led IT and infrastructure management services. To facilitate its business, it entered into an End-User License Agreement (EULA) with SAP India Pvt. Ltd. for a non-exclusive, perpetual license to use SAP’s proprietary software and documentation. SAP India is a wholly owned subsidiary of SAP AG, Germany.
It was held that regarding section 80-IA issue, Tribunal relied on its own earlier orders in assessees own cases for AYs 2014-15 and 2016-17. It held that since the power plant was transferred as part of a court-approved amalgamation, the assessee was entitled to step into the shoes of the amalgamating company and claim the deduction.
Drying and roasting were diametrically different processes, and that imported roasted areca nuts must be classified as roasted nuts and not as dried nuts. The Court quashed the seizure made by Customs authorities and directed the release of the goods.
Appellant thereafter filed a Restoration Application (RA), which too was dismissed for non-appearance. A second Restoration Application was then filed, along with a Delay Condonation Application, which sought to explain a delay of 160 days in filing the second RA.
Customs Broker must exercise due diligence and advise clients to comply with the law and on failure of the same attracted penal action even without intent. However, revocation of licence was justified only in serious cases of fraud or deliberate misconduct.
