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Income Tax : The ITAT Mumbai held that Explanation 1 to Section 37(1) could not apply in the absence of any finding by the competent authority ...
CESTAT Mumbai held that re-classification of goods and demand of differential duty based on re-testing report without providing the said re-test report to the importer/ assessee is not tenable in law. Accordingly, demand u/s. 28 doesn’t stand the scrutiny of law.
The Principal Commissioner was not justified in ignoring the certificate of origin issued by the competent authority in UAE. In the absence of a finding by the competent authority that this is a fake certificate, this certificate would conclusively prove that the imported goods originated from UAE.
Learn about the scope of GST on commission income. Understand the invoice test, registration thresholds, and key rulings that clarify tax liability for agents.
The interest was earned from fixed deposits maintained with banks for the purpose of the business and related to the business of assessee. Interest was also earned on refund of taxes due to wrongful deduction of TDS by the customers of assessee.
Assessee submitted that these invoices were genuine, shared with Exclusive Motors, and disclosed to investigators. They argued that Bentley had no role in the customs declarations filed in India and could not be blamed for the importer’s omissions.
CESTAT Delhi held that duty to be levied on CIF value and cost of freight for transport via air to be restricted to 20% of Free on Board [FOB] value of the goods. Hence, demand of differential duty sustained.
ITAT Lucknow held that deduction under section 80IB and section 80HHC of the Income Tax Act is simultaneously allowable from the net profit. Accordingly, addition is directed to be deleted and appeal is allowed.
The CESTAT Mumbai has set aside a customs duty demand against JSW Steel, ruling that a corrigendum issued over four years after the original notice was a time-barred fresh notice. The tribunal found the initial SCN was defective for lacking legal authority.
ITAT Chennai held that the assessee is entitled for its claim of additional depreciation qua amounts not claimed in the preceding year. Thus, claim of the additional depreciation made during the year is allowed.
ITAT Bangalore held that revisionary proceeding by PCIT under section 263 of the Income tax Act treating assessment order erroneous and prejudicial to interest of revenue upheld since assessee could not demonstrate that the equipment’s were received on returnable basis.
