Assessee was engaged in the business of purchasing and renting properties, as also the entire income of the assessee was based on the income received from leasing its properties.
Delhi High Court held that goodwill could be considered as an intangible asset and the same is eligible for depreciation. Assets acquired de-valued, hence balance amount treated as intangible asset and the same is eligible for depreciation.
Jammu Kashmir High Court held that Tribunal rightly set aside penalty under section 271(1)(c) as AO not clear whether it was case of concealment of particulars of income or failure to furnish correct particulars of income.
Telangana HC set aside an order against Ola Fleet, citing natural justice. The court found the petitioner’s reply was ignored despite submission proof.
Delhi High Court upholds Customs compounding fees under the Customs Act, finding the imposed amounts reasonable and dismissing petitioners’ appeal for reduction.
Allahabad High Court dismisses Umair Traders’ appeal in a GST case citing limitation. The Court upholds the strict application of time limits under GST provisions.
Patna High Court rules on TDS application under Section 197, stating pending tax demand does not justify summary rejection by Assessing Officer.
CDB qualifies as a financial institution wholly owned by Government of China, thereby making interest payments exempt from taxation under amended provisions of DTAA.
Gujarat High Court rules pre-consultation notice in Form DRC-01A is not compulsory under CGST/GGST Act from October 15, 2020.
Delhi HC sets aside GST order on ITC claims, granting two weeks for the petitioner to submit supporting documents for fresh assessment by the adjudicating authority.
