Court ruled that writing off bad debts in balance sheet and profit and loss account is sufficient under Section 36(1)(vii), clarifying that closing each debtor’s ledger account is unnecessary.
ITAT Surat rules company’s capital contribution to a partnership firm for business purposes is not a loan or advance, thus escaping deemed dividend tax u/s 2(22)(e).
ITAT Mumbai condoned a 388-day delay and remanded the case of Dahisar Gramin Bigar Sheti Sahakari Pat to the Assessing Officer to verify ₹29.46 lakh in cash deposits claimed to be received from members during demonetisation, directing a fresh assessment after fair hearing.
The Income Tax Appellate Tribunal (ITAT), Pune, in Mahendra Prakash Pawar Vs ITO, deleted an addition of ₹21.69 lakh made under Section 69C for unexplained credit card payments. The court accepted the assessee’s explanation that cash deposits came from his brother’s transportation business for fuel purchases.
While upholding validity of an unsigned GST order accompanied by DRC-07, Delhi High Court quashed rectification order passed without giving taxpayer an opportunity to be heard.
Delhi High Court took note of government’s decision to discontinue GST concessions for orthopedically disabled persons and directed officials to explain why a proportionate GST reduction cannot be implemented for disabled buyers.
CESTAT upholds the denial of EPCG benefit for used machinery but reduces the redemption fine and sets aside the Section 114A penalty due to bona fide belief.
Allahabad HC grants bail to Manoj Kumar Garg in a {₹}40 crore fake ITC case, citing completed investigation, documentary evidence, slow trial pace, and limited maximum sentence.
CESTAT Delhi held that no wilful suppression was proven to invoke extended limitation under Section 73(1) of the Finance Act. Demand set aside on limitation.
An Indian citizen was caught by the Customs Department attempting to depart with 15,000 U.S. Dollars concealed without valid documentation, leading to the absolute confiscation of the currency and imposition of a penalty under the Customs Act, 1962, and the Foreign Exchange Management Act, 1999 (FEMA).
