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Income Tax : The Tribunal held that omission of taxable foreign exchange gain in the return attracts penalty. It noted that disclosure during a...
The Special Economic Zone (SEZ) unit of Flextronics Technologies (India) Pvt. Ltd. (‘Flextronics SEZ unit’) imported the goods, described by the petitioner as stand-alone parts/components, into India from Huawei, China.
M/s. Hyundai Motor India Limited, Kanchipuram (HMIL), are engaged in the manufacture of passenger motor cars, under the brand name of “Hyundai”. They import various parts and accessories of passenger motor cars through Chennai ports.
Supreme Court held that officers of DRI are entrusted with the functions of proper officer and thus has jurisdiction to issue show cause notices for recovery of duty under section 28 of the Customs Act, 1962.
The First Appellate authority further directed the assessing authority to reopen the assessment proceedings for the A.Y. 2010-11 and from 2012-13 onwards to disallow the set off of the claim of unabsorbed depreciation computed from 1998-99 onwards.
Madras High Court held that the entertaining an application for cross-examination of the witnesses, without any reply on merits by a notice in a show cause proceeding, is to be eschewed and should not to be allowed.
Bombay High Court held that there is no employer-employee relationship prior to the year 2018 hence industrial court doesn’t have jurisdiction to entertain complaint of unfair labour practice. Thus, writ allowed.
Disallowance on dividend income claimed by ICICI Prudential Life Insurance was deleted as Section 44, being a non-obstante clause, overrides the provisions of Section 14A of the Income Tax Act, 1961, in computing income for life insurance companies.
The securities were treated as stock-in-trade in the hands of assessee. The amount received by assessee on the sale of the securities was considered for computing its business income.
ITAT Delhi held that the assessee is not required to prove that a particular debt had become bad debt in order to claim deduction on account of bad debt written off pursuant to the amendment made u/s 36(1)(vii) of the Income Tax Act after 01.04.1989.
Delhi High Court held that department cannot possibly seek to justify the retention of refund claim on account of its having been deposited voluntarily or being barred by limitation. Accordingly, refund claim allowed.
