Delhi High Court upheld the ITAT’s decision, concluding that the comparability analysis must focus on functional similarity rather than strict product comparability, and that certain disallowances made by the Assessing Officer were unjustified.
The Assessing Officer (hereafter AO) had made an addition to the income as returned by the respondent under Section 68 of the Act and disallowed the addition made under Section 14A of the Act.
Delhi High Court observed that once the DGFT had proceeded to issue the MEIS scrip to the writ petitioners, they would have been justified in assuming that the issue of classification was neither questioned nor doubted.
Delhi High Court held that as AO didn’t assume jurisdiction under section 153C of the Income Tax Act, recourse to section 147 of the Income Tax Act for reassessment proceedings justified. Accordingly, appeal by revenue allowed.
The application preferred by the petitioner for recall of the said order was also rejected by the Supreme Court vide order dated 25.10.2019. It is thereafter that petitioner-assessee preferred a review petition.
Delhi High Court, in the case of smuggling of Methaqualone denied the bail application since threshold of Section 37 of Narcotic Drugs and Psychotropic Substances Act, 1985 [NDPS Act] not having been crossed.
A search was conducted on the premises of the Assessee on 17.10.2000 and a debit card of the overseas bank – Barclays Bank, PLC St.40, Birmingham, London, United Kingdom was found in the joint name of the Assessee and his wife (Smt. Jyoti Jaggi).
The present appeal under Section 28KA of the Customs Act, 1962 has been preferred by the appellant i.e. Vivo Mobile India Private Limited assailing the order dated 13.12.2023 passed by the Customs Authority of Advance Rulings.
Delhi High Court dismisses Revenue’s appeal in Naveen Infradevelopers case, ruling that no addition can be made post-reassessment if no additions were made initially.
Delhi High Court held that non-satisfaction of conditions for reopening assessment u/s. 153C of the Income Tax Act doesn’t prohibit AO from taking recourse u/s. 147. Thus, reopening u/s. 147 based on information from investigation wing justified.
