The ITAT Delhi held that only 1% of the gross bank transactions could be assessed as income after finding that the assessee acted as a commission agent. It upheld the CIT(A)’s reliance on the consistent approach adopted in the preceding assessment year.
The ITAT held that sales tax subsidy granted under industrial incentive schemes constituted a capital receipt because its purpose was industrial development rather than business profits. The Revenue’s appeal was dismissed and the subsidy was excluded from taxable income and book profits.
The NCLT allowed the first motion application for a demerger scheme and dispensed with meetings of the Resulting Company’s equity shareholders and unsecured creditors because all had provided consent affidavits. It directed meetings only for the Demerged Company’s stakeholders and laid down the procedure for further approval.
The Tribunal found the amalgamation application maintainable and noted compliance with valuation, accounting standards, board approvals, and disclosure requirements. It allowed the first motion application while directing further statutory compliances before sanction of the Scheme.
The Delhi High Court held that Google could not use the registered trademark HINDWARE as advertising keywords and granted a permanent injunction. The Court also awarded ₹30 lakh in nominal damages and litigation costs.
The Maharashtra State Co-operative Appellate Court upheld an interim injunction after finding that the housing society failed to provide a proper break-up or justification for substantial maintenance arrears. It held that the Trial Court’s order required no interference.
The Gujarat High Court upheld deletion of a Section 68 addition after finding that the lenders identity, creditworthiness and the genuineness of the loan transaction had been established.
The Tribunal relied on earlier findings that the lending entities were paper concerns engaged in providing accommodation entries. The unsecured loans were treated as unexplained cash credits.
The ITAT Mumbai held that where additions were based on seized material from a third-party search, proceedings should have been initiated under Section 153C and not Section 147. The assessment was declared invalid.
The Gujarat High Court disposed of the Revenue’s appeal after it was not pressed due to the low tax effect in accordance with CBDT Circular No. 17/2019. Liberty was reserved to revive the appeal if required.
