Bombay High Court overturns income tax reassessment notice for NuPower Renewables, citing no new information and prior scrutiny of share capital.
ITAT Pune rules excess stock found at Kolhapur Timber during survey is business income, not unexplained, directing normal tax rates. Cites multiple precedents.
ITAT Pune rules excess stock declared during survey is business income, not unexplained income under 115BBE, if linked to regular business activities.
Supreme Court quashes HC order in Jaipur Vidyut vs MB Power. Stresses using statutory remedy under Electricity Act before writ. HC mandamus against public interest.
ITAT Kolkata allows Farseen Rubber Industries’ Rs 1 Cr compensation to JK Tyre, ruling it a commercial expense, not an offense under Section 37.
ITAT Kolkata dismisses revenue appeal in DCIT vs Ripley & Co. Ltd., affirming demurrage and penalty charges as allowable business expenses, not penal, citing key judicial precedents.
Gujarat High Court sets aside Section 148 notice and assessment for AY 2013-14 in Shilp Realty case, citing lack of independent application of mind and non-speaking order on objections.
ITAT Indore rules excess stock surrendered during survey by Suresh Aluminium is business income, not unexplained, directing normal tax rates. Cites key precedents.
Punjab & Haryana HC rules CIT cannot direct penalty initiation via Section 263, reinforcing independence of assessment and penalty proceedings.
Gujarat HC sets aside reassessment for Krupesh Thakkar. AO incorrectly invoked Sec 2(22)(e) for a loan assessee gave, not received from Rushil Decor Ltd.
