Once CESTAT had given a findings that the purchases in question were not bogus, then, additions proposed to be made on the basis of show-cause notice from Central Excise Directorate had no basis which the same could be sustained.
Mumbai Tribunal in the case of Punit Construction Company has held that in terms of provisions of sub Section 5 of Section 80 IA, deduction has to be given unit wise without considering profit or loss of other eligible units.
ITAT Ahmedabad held that self-assessment tax paid by the assessee losses its character as self-assessment tax once it got adjusted against the tax liability determined in regular assessment.
ITAT Ahmedabad held that deduction under Section 80-IB/80-IE of the Income Tax Act disallowed on loan to employees and bank deposits as such interest income is not income derived from industrial undertaking.
ITAT Ahmedabad held that interest on loans and advance to small advances on debit/ credit balances of suppliers and contractors are incidental to business hence taxable as business income and not as income from other sources.
ITAT Ahmedabad held that the addition under Section 69A of the Income Tax Act made without proper examination of the books of account and relevant financial records unjustified. Accordingly, order set aside and matter restored back.
ITAT Ahmedabad held that the severance compensation received by the employee is a capital receipt and the same is not chargeable to tax under Section 17(3) of the Income-tax Act, 1961.
ITAT Ahmedabad held that the applicability of Section 13 of the Income Tax Act should only be examined during assessment and not at the registration stage under Section 12A of the Income Tax Act. Accordingly, CIT(E) directed to evaluate the application afresh.
ITAT Ahmedabad rules on GMW Pvt Ltd’s appeal regarding ESI and PF contribution disallowance. The court upheld previous assessments, dismissing the appeal.
ITAT Ahmedabad rules in favor of a co-op housing society, deleting addition based on assumed 8% net profit from unsecured loans taken from non-members.
