The court ruled that once purchases are found unproved, restricting additions to a profit percentage is incorrect. Full disallowance is required under Section 69C where genuineness is not established.
High Court condones 1,257-day delay in filing Form 10B for AY 2016-17, recognizing that the petitioner filed returns manually on time and delay was due to bona fide professional oversight.
Bombay High Court condones 2732-day delay in electronic filing of Form 10B, recognizing manual filing within the prescribed period and bona fide professional advice.
The Bombay High Court ruled that pineapple slices, tidbits, and fruit cocktail preserved in sugar syrup and canned cannot be classified as “fresh fruits” under Entry A-23 of the Bombay Sales Tax Act, denying tax exemption.
The Bombay High Court held the reassessment and associated notices illegal and arbitrary, setting aside orders under Sections 147A(d) and 148.
Bombay HC held that an emergency arbitrator’s decision is an order and not an arbitral award as it does not finally decide disputes, making Part II enforcement inapplicable.
The Court upheld the deletion of penalty under the Black Money Act after finding the wife was only a joint holder and the husband had fully disclosed the foreign asset. The ruling notes no substantial question of law arose.
The Court held that the premix, understood popularly as instant coffee, must be classified under the specific entry for coffee rather than the general entry for beverage powders. The ruling affirms that common usage prevails over ingredient percentages.
The Court found that the notices sought to reopen issues that legally ceased to exist after approval of the Resolution Plan. It held that proceedings for any pre-plan period cannot continue under the Income Tax Act.
The Court found that the return filed under Section 153A contained full disclosure submitted prior to initiation of penalty proceedings. It held that such disclosure satisfied legal requirements, leaving no basis for penalty.
