ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted the disallowance of interest under Sections 36 and 37 while remanding the transfer pricing benchmarking issue.
ITAT Chennai held that Compulsorily Convertible Debentures retain the character of debt until conversion into equity. It ruled that interest on CCDs is deductible and that the TPO could not recharacterise them as equity.
The Supreme Court held that an assessee who participates in assessment proceedings without objecting to jurisdiction within the period prescribed under Section 124(3)(a) cannot subsequently challenge the Assessing Officer’s jurisdiction.
The Allahabad High Court held that information regarding cash deposits constituted relevant material for issuing a notice under Section 148. It dismissed the writ petition while permitting the assessee to pursue the statutory appellate remedy.
The Allahabad High Court refused to recall its earlier judgment after holding that it had already delivered a detailed decision on merits and that no valid ground for recall was established.
ITAT Jaipur held that assessments initiated under Section 153C were time-barred under every possible computation of limitation. The assessment orders were declared void ab initio and quashed.
The Calcutta High Court granted the taxpayer an opportunity to reply after finding that the show cause notice was not received. The GST authority was directed to pass a fresh reasoned order after hearing the petitioner.
The ITAT Mumbai held that cash deposits during the demonetization period could not be treated as unexplained where the assessee’s books of account, stock records, and VAT returns supported the transactions. As no defects were found in the books, the addition under Sections 68/69A was deleted.
The Court held that maintenance charges for common amenities, facilities, and services cannot be based on apartment size when all owners enjoy them equally. The impugned resolution and related invoices were declared void.
The ITAT Bangalore held that a mismatch between the income tax return and Form 3CD cannot by itself justify disallowance of a genuine bonus payment. It allowed the deduction after finding that the payment was supported by books of account and bank records.
