Penalty imposed under Section 114AA of the Customs Act was quashed as declared value in bills of entry could not be rejected relying on proforma invoice and demands could not be raised without challenging the assessment orders.
Where there was Nil or insufficient balance in a particular tax head in the Electronic Credit Ledger, then the balance in another tax head could be blocked only if the cross-utilization from such head was permissible in law.
The securities were treated as stock-in-trade in the hands of assessee. The amount received by assessee on the sale of the securities was considered for computing its business income.
AO without going through the terms and conditions of each of the project that had been undertaken by assessee during the year had come to the conclusion that assessee was a works contractor and not a developer.
Reassessment initiated under an invalid notice issued under Section 148 as there was no new material with AO after four years that the assessee had escaped assessment, therefore, additions amounting to ₹6.93 crores was deleted.
The evidences relied upon by AO in the form of excel sheets did not constitute adequate evidence to draw adverse inference against tassessee, in the absence of any other corroborative evidences.
Since cooperative banks were considered cooperative societies for the purpose of Section 80P(2)(d), thereby making assessee’s interest and dividend income eligible for deduction.
Assessee was a private limited company registered as a non-banking finance company (NBFC) with the RBI, engaged in providing loans, advances, and dealing in shares and securities.
Assessee was engaged in the business of slimming and beauty services. During assessment proceedings, AO observed that assessee was carrying substantial credit balances as current liabilities under the head ‘Advance from customers’.
Cost of fuel borne by service recipient and this cost of this fuel could not be subjected to charge of GST by adding the value of free diesel in the transaction value of GTA service done by assessee.
