ITAT Ahmedabad held that addition under section 68 towards cash credits not justified since evidences clearly demonstrates that cash deposits and credit entries are through agricultural income. Accordingly, addition deleted and appeal allowed.
CESTAT Ahmedabad held that benefit of exemption from additional duty of customs i.e. benefit of notification no. 43/2002-Cus dated 19.04.2002 available on import of High Speed Diesel even if they are working under DEEC Scheme.
Held that no opportunity was allowed to the assessee by the Ld. CIT(A) (NFAC) before passing this ex-parte order. Thus, the order passed by the CIT(A) is in gross violation to the principle of natural justice.
Supreme Court overturns Karnataka High Court’s order that set aside a resolution plan under CIRP citing delayed judicial intervention and adherence to IBC protocol.
ITAT Surat held that addition under section 68 of the Income Tax Act deleted since appellant has satisfactorily explained the nature and source of the credit. Accordingly, appeal allowed and addition deleted.
The bills so assigned to the Financial Creditors and the amounts against such bills was disbursed. In the process of transactions, the Applicants stated to have paid a sum of Rs. 2,34,17,965/- on various dates.
ITAT Delhi held that the interest on compensation or on enhanced compensation cannot be considered as compensation and shall be chargeable to tax under the head income from other sources. Accordingly, appeal dismissed.
A Corporate Insolvency Resolution Process (CIRP) was initiated by the adjudicating authority (NCLT) in respect of RITL-Corporate Debtor at the instance of Ericsson India Private Limited, and the Interim Resolution Professional (IRP) was appointed.
On 21.04.2017, a Share Purchase Agreement was executed, wherein the erstwhile Directors sold their equity in favour of Accord Mediplus Pvt. Ltd. Respondent Nos.6 to 12 also resigned from the Trust on 01.09.2017.
ITAT Mumbai held that reopening of assessment under section 148 of the Income Tax Act beyond 3 years liable to be quashed as escaped income is less than INR 50,00,000. Thus, notice issued u/s. 148 quashed.
