ITAT Delhi held that circle rate couldn’t be applied as the property was sold under distress. Accordingly, matter remanded back to AO to determine fair market value of property taking into consideration that the sale was under distress.
The ITAT Hyderabad ruled that an adjustment under Section 50C is not a prima facie issue when title and valuation are disputed, mandating a DVO referral.
The ITAT Hyderabad ruled against taxing a temple’s gross donations, mandating expenses be considered. It also set aside a registration rejection due to non-compliance.
ITAT Ranchi quashes orders applying the 60% tax rate of Section 115BBE to A.Y. 2017-18, clarifying the amendment is effective from A.Y. 2018-19.
AO pointed out that the 118% gain from a single scrip in 15-16 months had no commercial justification, and Karma ISP was identified as a penny stock used to create fake exempt gains.
Delhi High Court held that writ jurisdiction not entertained as the case involved fraudulent availment of Input Tax Credit under GST. Accordingly, petition dismissed and petitioner permitted to file an appeal before appellate authority.
Madras High Court held that withdrawal of appeal under GST by inadvertently mentioning wrong assessment year by the auditor is restored back since the reason provided is found genuine. Accordingly, writ disposed of.
The Chhattisgarh High Court has directed tax authorities to reconsider the pre-deposit conditions for an assessee’s appeal, reducing the monthly payment from Rs 5 lakh to Rs 1 lakh.
Assessee was entitled to refund of ₹7.98 crore as once a protest was lodged, it was upon the customs authorities to dispose of it by a speaking, appealable order, failing which, the protest could not be deemed to have lapsed.
ITAT Amritsar ruled that a company’s loans were not unexplained cash credits, deleting a tax addition after finding transactions were squared up through banking channels.
