ITAT Delhi held that addition of interest income on fixed deposit with Canara Bank sustainable as contention of the assessee that fixed deposit is misplaced and hence there is no question of earning any interest income is illogical.
Bombay High Court held that reopening of assessment on the basis of change of opinion without reasons to indicate failure on the part of the petitioner to disclose truly and fully all the material facts is untenable in law.
ITAT Ahmedabad held that addition on the basis of statement of director without independent finding given by the Assessing Officer is unsustainable in law.
CESTAT Mumbai held that exemption from basic excise duty vis-à-vis discharge of automobile cess effaces coverage of rule 6 of CENVAT Credit Rules, 2004 (CCR, 2004).
Bombay High Court held that assessment order was passed after post considering the submission from the assessee regarding deduction under section 80P. Hence, reopening of assessment in absence of any new tangible material is unsustainable in law.
CESTAT Kolkata held that imposition of penalty under section 112(a) & (b) of the Customs Act, 1962 on the basis of retracted statement and in absence of any independent corroborative evidence unsustainable in law.
ITAT Mumbai held that that the interest paid by the Indian branch-PE to the head office-GE is not taxable in India in terms of India-France DTAA.
ITAT Pune held that as assessee does not satisfy the condition of advancement of any other object of general public utility, its eligibility for benefit of exemption under section 11 of the Income Tax Act is doubtful.
ITAT Kolkata held that condonation of delay of 927 days in filing of the appeal not granted as explanation available in the affidavit is totally vague and not specific. Further, assessee neither complied with a single notice nor submitted any details.
Keenara Industries Private Limited Vs ITO (Gujarat High Court) HC held that substituted provisions of sections 147 to 151 shall be applicable w.e.f. 01.04.2021, and as per First Proviso to Section 149, limitation as specified under unamended provision as it stood prior to 01.04.2021, shall be applicable. As per unamended provision prescribing limitation, no notice can […]
