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While at the time of debonding, the value of raw material cleared had to be valued at the time of importation, and the rate of duty was the effective rate of duty leviable on the imported goods at the time of debonding.
ITAT Mumbai held that disallowance of interest expenditure attributable to interest-free advances not justified since sufficient interest free funds available and also there existed commercial expediency in giving interest free advances. Accordingly, appeal of revenue dismissed.
ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates as per section 115BBE of the Income Tax Act. Accordingly, appeal of revenue dismissed.
Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Traders during demonetization period. During the survey, several documents and evidences were collected and impounded.
During the course of a survey, it was seen that the assessee had defaulted in deducting tax at source on interest paid to AGE Patel Joint Venture (JV) in Financial Year (FY) 2016-17 on Mobilisation advance and Machinery advance.
Delhi High Court quashed orders due to inordinate delay of more than 11 years in finalizing adjudication proceeding. Held that matters having financial liabilities or penal consequences cannot be kept unresolved for years.
Delhi High Court held the issuance of notice under section 28(4) of the Customs Act post issuance of notice under section 28(1) on similar factual matrix is bad in law. Thus, subsequent notice issued u/s. 28(4) is set aside.
ITAT Ahmedabad held that fresh assessment is necessary in case of taxability of interest earned from Fixed Deposit from compensation received for compulsory acquisition of agricultural land. Thus, matter restored for fresh assessment.
In the present case, recovery or repayment of fraudulent income does not qualify as an allowable expense. Allowing deductions for recovery of fraudulent income would contradict the legislative intent of the Income-tax Act.
The assessee is a Public Sector Undertaking of Government of India and is in the business of Non-Life Insurance, The assessee offers insurance covers for large projects like power plants, petrochemical, steel and chemical plants.
