The Court permitted the assessee to contest denial of input tax credit after allegations of transactions with non-existent suppliers. The matter was remanded for fresh consideration upon payment of 25% of the disputed tax amount.
The Tribunal held that the financial creditor successfully established the existence of financial debt and default through documentary evidence including loan agreements, bank statements, and email acknowledgments.
The Gujarat High Court held that revisional powers under Section 263 cannot be invoked merely because the Commissioner prefers another valuation method. The Court ruled that the Assessing Officer had conducted proper inquiry and adopted a plausible view based on the DVO report.
The ITAT Delhi held that reassessment notices issued after expiry of the surviving limitation period under the amended reassessment regime were invalid. The Tribunal quashed the reopening proceedings and related penalties for both assessment years.
The Tribunal ruled that organising symposiums and providing support services for discussions on tropical diseases cannot be classified as Event Management Services. The order partially allowed the appeal while upholding tax on Scientific Consultancy Services.
DCIT-CC-8(4) Vs Offbeat Developers Private Limited (ITAT Mumbai) The Mumbai Income Tax Appellate Tribunal examined Revenue appeals involving disallowances made on various expenses claimed by a mall developer engaged in leasing property and providing related services, where income was offered under both “Income from House Property” and “Profits and Gains from Business or Profession.” The […]
Madras High Court held that a reference to the District Valuation Officer was valid because the Assessing Officer had effectively rejected the books of accounts after recording discrepancies. The Court upheld the Section 69B addition for unexplained investment in building construction.
ITAT Mumbai held that prolonged non-payment of interest and repeated amendments to loan agreements justified benchmarking AE loans at a fixed 6.5% rate instead of floating LIBOR rates. The Tribunal also directed grant of credit for interest income already offered to tax suo motu.
The High Court held that the State could not continue GST proceedings or block ITC after failing to submit its claim during the corporate insolvency resolution process. The impugned notice and ITC blockage were set aside.
The High Court clarified that completed assessments do not abate upon search proceedings because no assessment proceedings remain pending. However, the earlier assessment loses enforceability after a fresh Section 153A assessment is passed.
