Bombay High Court held that assessment order passed after expiry of period of limitation as prescribed under section 153 of the Income Tax Act read with first proviso below explanation 1 is barred by limitation. Accordingly, petition succeeds.
ITAT Nagpur held that addition under section 68 of the Income Tax Act without providing an opportunity to assessee to cross-examine the person whose statement was relied upon is untenable in law and hence liable to be deleted.
Delhi High Court held that initiation of reassessment under section 148 of the Income Tax Act unsustainable as based on information which is contested as palpably incorrect without examining the material giving rise to the said information.
Madras High Court held that Injunction can only be granted by the Civil Court, unless and until the said power is specifically denuded from the Civil Court and granted to any Special Court or Tribunal. The civil revision petition succeeds.
NCLAT Chennai held that rejection of application preferred u/s. 9 of the Insolvency and Bankruptcy Code [I&B Code] not justified since existence of financial debt arising out of business transaction established.
ITAT Ahmedabad held that addition towards cash deposit in bank account u/s. 69A as unexplained liable to be deleted since assessee satisfactorily explained the source. Accordingly, addition deleted.
Madras High Court held that disallowance of input tax credit for A.Y. 2019-2020 since claims has been lodged beyond the period prescribed under Section 16(4) of the GST Acts needs re-do by taking into account newly inserted provisions of section 16(5).
ITAT Surat held that it is mandatory to provide proper opportunity of being heard to the assessee before finalization of revisionary proceedings under section 263 of the Income Tax Act.
ITAT Ahmedabad held that addition of short term capital gain on account of transfer of shares on presumption basis without bringing on record evidencing actual receipt of consideration cannot be sustained. Accordingly, addition deleted.
ITAT Ahmedabad held that provisions of section 68 of the Income Tax Act doesn’t apply in the matter of non-utilisation of amounts received towards Corporate Social Responsibility (CSR) activities. Thus, appeal allowed.
