In Rajeshkumar Shah vs DCIT, ITAT strikes down cash loan & notional interest additions under Section 69 due to lack of corroborating evidence and unreliable witness statements.
TAT Mumbai holds that under Section 56(2)(viib), an assessee may adopt DCF or NAV method, and AO cannot substitute valuation with own estimate.
ITAT Mumbai upheld addition of ₹84.79 lakh as unexplained cash credit, rejecting Section 10(38) LTCG claim on penny stocks in Chitra Mehta’s case.
The Supreme Court of India ruled that a provisional attachment order under Section 83 of the CGST Act cannot be re-issued or renewed after its one-year validity period expires.
Delhi and Rajasthan HC precedents cited as ITAT Jaipur rules that reassessment for ‘other persons’ must be year-specific and limited to incriminating material found during search
The Customs Authority for Advance Rulings (CAAR) in Mumbai has opted not to issue a ruling on the classification of processed supari, citing a pending case.
The ITAT Chennai ruled that a belated filing of Form 67 does not deny foreign tax credit (FTC). The Tribunal held the filing requirement to be directory, not mandatory.
The ITAT Ahmedabad set aside a reassessment order for Dalpat Baraiya, ruling that approval from the wrong authority invalidated the entire proceeding.
In DCIT vs. Motilal Oswal Securities Ltd., the ITAT Mumbai dismissed the revenue’s appeals, confirming that employee stock option (ESOP) costs and corporate social responsibility (CSR) donations can be claimed as deductions.
Supreme Court dismissed a petition, condemning defendant for repeatedly seeking adjournments to delay a 2013 eviction suit. SC affirmed closure of cross-examination.
