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Income Tax : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
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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 demand of anti-dumping duty in terms of notification no. 15/2014-CUS(ABD) cannot be sustained since no evidences established that the goods were either manufactured or supplied from China or were routed through Taiwan after being supplied from China.
Depreciation claim under Section 32 was allowable on actual cost of assets which the assessee paid to the erstwhile partners for taking over from a dissolved firm. It did not matter if the partners were from the same family, as the Act did not make any such distinction.
CESTAT Kolkata held that the recovery proceedings initiated by the Customs authorities under section 28AAA of the Customs Act are not sustainable as DGFT authorities have not cancelled MEIS licenses in question.
ITAT Delhi held that interest income from fixed deposits and loans given to employees is eligible for claiming benefit under section 10AA of the Income Tax Act. Accordingly, AO allowed to claim deduction u/s. 10AA and appeal of assessee allowed.
Calcutta High Court directed department to accept the classification adopted by appellant since de novo adjudication didn’t commenced within time permitted by High Court but commenced after seven years.
Gujarat High Court held that assessee is not at fault for delay caused in filing the return of income claiming the refund of TDS as no tax was payable by the petitioners on the amount of interest under section 194LA of the Act, 1961. Accordingly, interest u/s. 244A of the Income Tax Act duly admissible.
Madras High Court held that reassessment proceedings under section 148 of the Income Tax Act initiated on the basis of change of opinion is invalid. Accordingly, appeal of revenue dismissed and substantial questions of law is answered in favour of assessee.
ITAT Ahmedabad held that taxing entire unaccounted cash receipts or on-money receipts not justified as only profit embedded in such receipts is taxable. Accordingly, AO directed to adopt 13% profit margin on real estate business and tax accordingly.
Andhra Pradesh High Court held that amendment to Section 3 and Section 7 of the A.P. Electricity Duty Act, 1939 being within the purview of the main Act and hence assent of Hon’ble President of India not required.
CESTAT Delhi held that bonafide declaration of value of goods cannot be concluded as suppression merely because the value was ultimately found to be incorrect. Accordingly, penalty u/s. 114A and 112 of Customs Act set aside.
