Bombay High Court remanded the matter of correct treatment of losses arising due to exchange rate fluctuation since order doesn’t deal with import of Section 43A of the Income Tax Act and its interplay with section 37(1).
Until all the components of the complete article were presented together for assessment at the same point of time, Rule 2(a) of General Interpretative Rules could not be invoked to classify the parts as complete article.
Orissa High Court dismissed the petition relating to levy of fine due to late filing of bill of entry due to availability of statutory remedy. Directed petitioner to find statutory remedy who can deal with its grievance.
The petitioner has filed the present petition impugning a notice dated 27.03.2018 issued under Section 148 of the Income Tax Act, 1961 for reopening the petitioner’s assessment for the Assessment Year 2011-12.
Kerala High Court held that depreciation allowance is deemed to be business loss for section 71 and 72 and can be set off only against profits or gains of business and not against income from any other sources.
Andhra Pradesh High Court clarifies GST liability on annuity payments under the Hybrid Annuity Model, following CBIC circular on time of supply for National Highway projects.
Madras High Court rules aluminium foil containers fall under Chapter 7615 with 12% GST. This decision overturns prior 18% GST classification.
Chhattisgarh High Court reiterated that if the AO’s view is legally permissible, even if it results in a lower tax liability, the revisional authority cannot invoke Section 263 simply because it disagrees with the AO’s approach.
Assessee-company was engaged in the business of manufacturing and trading of Inverters & Batteries and had its factory premises in Himachal Pradesh. For running its operations, it had availed various facilities from financial creditors and also with SBI.
Madras High Court held that matter of mismatch of ITC between GSTR-3B and GSTR-1 remanded back for fresh consideration since non-appearance on the part of the assessee was due to the fact that accountant was not doing well.
