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Delhi High Court held that adjudication proceedings under Customs Act, 1962; the Finance Act, 1994 and Central Goods and Services Tax, 2017 cannot be kept pending for years and decades together.
As noticed earlier, the provisions of sec. 147 of the Act makes it mandatory that the AO should be clear about the alleged escapement of income while recording reasons for reopening of assessment.
The stand of the assessee was that it was not necessary that loss of one industrial undertaking should necessarily be adjusted against the profit of another eligible industrial undertaking.
ITAT Surat held that the Fixed Deposits can be treated as stock-in-trade if it forms part of banking business. Further, held that deposits that forms part of banking business, write off such loss will be a loss arising in the course of carrying on banking business.
Held that the deposits made by the assessee were in the nature of fixed deposit investments. Therefore, the loss suffered by the assessee when the bank went to liquidation is only a capital loss.
Thus, penalty is not warranted on issues where a substantial question of law exists, indicating that the matter is not free from doubt. Accordingly, we quash the penalty order under section 271(1) (c) of the Act.
Held that there is no ownership in law which can be recognized insofar as the appellant herein is concerned inasmuch as his name has not been entered in the registration certificate concerning the vehicle in terms of the provisions of the Motor Vehicles Act, 1988.
ITAT Mumbai held that the deeming fiction of section 50C Income Tax Act cannot be extended while working out the written down value (WDV) for the purpose of claiming deprecation on the block of the asset. Thus, disallowance made is liable to be deleted.
CESTAT Delhi held that declared price is price for delivery at the time and place of importation unless contrary proved by department. Since onus not discharged, the declared price remains unimpeached.
ITAT Delhi held that protective addition in the hands of assessee deleted as substantial addition already made in the hands of the assessee’s wife and tax is already paid on the same. Accordingly, addition deleted.
