ITAT Ahmedabad upheld adding Long-Term Capital Gain (LTCG) as unexplained income under Section 68. The Tribunal ruled that the genuineness of penny stock transactions must be judged by the test of human probabilities.
ITAT Chandigarh deleted a Rs.20 lakh penalty levied under Section 271D for a cash deposit violating Section 269SS. The Tribunal ruled the deposit was a temporary parking of funds by the father for security, not a loan or deposit.
ITAT Kolkata deleted a Rs.7.11 crore addition under Section 68, ruling that an assessee’s comprehensive documentary evidence (PAN, bank statements) cannot be dismissed merely because subscribers failed to appear for summons. The onus shifted back to the Revenue.
Calcutta High Court admits plea challenging GST adjudication order and validity of CBIC notifications extending limitation period under Section 168A of the CGST Act.
Delhi High Court held that bail application in GST fraudulent Input Tax Credit [ITC] matter is allowed since entire evidence has already been collected and there is little likelihood of tampering with evidence.
ITAT Pune reaffirmed that 15% accumulation permitted under Section 11(1)(a) must be computed on gross receipts. Revenue’s argument restricting it to surplus was rejected, relying on consistent rulings of Supreme Court and High Courts.
NCLT Delhi held that application under section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s. Shriram Skill and Education Ltd. [Corporate Debtor] is admitted since debt and default duly proved. Accordingly, present appeal is allowed.
ITAT sustained PCIT’s revisional order under Section 263, ruling that AO’s mechanical acceptance of a low profit margin return without proper inquiry was both erroneous and prejudicial to Revenue’s interest. AO failed to examine applicability of mandatory audit under Section 44AB and correctness of declared profit ratio in liquor trade.
Pune ITAT significantly reduced Section 14A disallowance, ruling that administrative expenses relating to a proprietary concern with no investments must be excluded from computation. ITAT applied a reasonable estimate of Rs.10 lakh after finding expenses like depreciation and property tax had no nexus with earning exempt income.
The High Court set aside the ex-parte assessment and appeal order, granting the partnership firm another opportunity to respond to the Section 148 notice. The ruling accepts the taxpayer’s non-response as due to bona fide, unavoidable circumstances.
