The movement of explosives from Maharashtra to company depots in West Bengal and Jharkhand under a running contract with Coal India Ltd. constituted branch transfers under Section 6A of the CST Act and not inter-State sales.
Cash deposits made by assessee during the demonetization period were properly explained and recorded, therefore, addition made under section 69A of ₹17,16,000 and taxed under section 115BBE was not sustainable.
An assessment order demanding reversal of ITC was passed with a complete lack of application of mind and failure to consider the taxpayer’s detailed submissions, therefore, the impugned order was set aside and remanded back to authorities for fresh consideration.
The predicate FIRs alleged that Langa induced individuals including businessman Pranay Shah and land broker Janak Thakore by projecting political and media influence to extort significant amounts of money.
Addition under section 68 for Long-term capital gains (LTCG) from sale of shares allotted pursuant to a demerger scheme as bogus and alleged that price manipulation based on a report from the Investigation Wing of the Income tax Department was not justified as the assessee proved genuineness by comprehensive documentary evidence.
Commissioner of Customs had confirmed the entire differential duty. Assessee submitted that the intended use of these products was explicitly outlined by the medical licenses that had been awarded to assessee under Medical Devices Rules, 2017.
Addition made by AO in the hands of the trust was not justified as income from investments was taxable in the settlor’s hands and exempt under the India-UAE Double Taxation Avoidance Agreement (DTAA).
The responsibility for recovering unpaid tax lies properly and primarily with the tax authorities, who must proceed against the defaulting seller, rather than against the innocent purchasing dealer who has fulfilled all obligations imposed by the Act.
An investigation was initiated by the Directorate of Revenue Intelligence, New Delhi on the import of silk-fabrics from China by other importers and the premises of M/s. Purnima Enterprises at Chennai and M/s. Om Fabrics at Bangalore were searched.
It was held that Long-term capital gains on sale of “penny” stocks could not be treated as bogus & unexplained cash credit if the documentation was in order & there was no allegation of manipulation by SEBI or the BSE.
