The High Court upheld a ₹7 lakh addition after finding a major discrepancy between stock recorded in books and the inflated stock statement submitted to the bank.
CESTAT ruled that communication from the supplier and supporting photographs clarified the actual quantity of imported memory modules, negating the charge of mis-declaration.
The Court directed authorities to submit an updated report on illegal encroachments along the River Ganga after finding that the existing data was outdated and insufficient for final directions.
The ITAT Raipur held that the assessee had already disclosed the sale of the old car in the return of income and paid tax on the profit from the transaction. Since the sale consideration and profit were recorded and taxed, the Tribunal noted that there was no loss to the Revenue.
The High Court set aside a tax demand issued under Section 156 because it was not based on any assessment or reassessment order. The ruling held that a demand notice cannot exist without a prior order determining tax liability.
The ITAT Delhi set aside the rejection of 12A registration, holding that the applicant should be given another opportunity to submit documents proving the genuineness of charitable activities.
The ITAT Mumbai held that when stamp duty value is disputed, the Assessing Officer should refer the property to the Departmental Valuation Officer. The matter was remanded for fresh assessment.
The Tribunal held that once a resolution plan is approved under the Insolvency and Bankruptcy Code, appeals relating to claims not included in the plan cannot continue.
The High Court noted that large penalties were imposed on corporate entities while the individual accused faced only a limited penalty, making the restriction on travel unjustified.
The Tribunal held that the sale of shares after holding them for nearly ten years could not be treated as a bogus penny stock transaction due to lack of evidence of manipulation.
