ITAT Delhi grants Asha Gupta final chance to prove Rs. 40 lakh unsecured loan genuineness, remanding case to AO for fresh adjudication.
Madras High Court held that denial to recruit person, having defaulted in repayment of loans and having adverse CIBIL, as Circle Based Officer [CBO] by SBI is justifiable as a person with poor/ or no financial discipline cannot be trusted with public money.
Calcutta High Court urges businessman to appeal GST registration cancellation, citing factual disputes. Court suggests appellate authority conduct further inspection.
ITAT Ahmedabad held that appellate authority has jurisdiction to entertain new claim. Accordingly, additional claim for deduction on account of ESOP is allowed. Accordingly, appeal allowed to that extent.
Gauhati High Court directs GST authorities to review the cancellation of Munni Char’s registration, allowing restoration upon compliance with pending returns and dues.
ITAT Rajkot held that transactions of sale and purchases cannot be treated as cash credit/bogus under section 68 of the Act, if they are circular in nature. Also held that profit margin of 12.50% can never be possible in case of circular trading activities.
Once assessee had filed the Return of Income, in response to notice, u/s 142(1), (although it was late), then it was mandatory for AO, in order to acquire the jurisdiction, to make the assessment on the assessee, to issue the notice u/s 143(2).
The Gujarat High Court is reviewing a challenge by Indusind Bank against a GST show cause notice issued beyond the statutory period, citing precedents.
ITAT Chennai remands Wavoo Real Estate’s tax appeals to AO for fresh adjudication, citing ex-parte assessment and new evidence, with a condition of payment to Legal Aid.
ITAT Hyderabad held that assessee failed to participate in proceeding and produce any explanation or source of deposits as well as credits since he was in judicial custody. Accordingly, matter remanded back for fresh adjudication.
