Bombay High Court held that re-assessment notice issued u/s. 148 of the Income Tax Act is bad-in-law as being violative of provisions of section 151(ii) of the Act. Accordingly, order passed u/s. 148A(d) liable to be quashed.
ITAT Mumbai held that addition under section 68 of the Income Tax Act treating unsecured loan as unexplained credit not justified since assessee has proved identity, creditworthiness and genuineness of the credit. Accordingly, appeal is allowed.
CESTAT Delhi held that duty to be levied on CIF value and cost of freight for transport via air to be restricted to 20% of Free on Board [FOB] value of the goods. Hence, demand of differential duty sustained.
ITAT Lucknow held that deduction under section 80IB and section 80HHC of the Income Tax Act is simultaneously allowable from the net profit. Accordingly, addition is directed to be deleted and appeal is allowed.
The Allahabad High Court disposed of multiple petitions from an individual challenging summoning orders in cheque bounce cases under the Negotiable Instruments Act.
ITAT Cochin has quashed a tax demand, ruling that cooperative banks can claim a deduction under Section 80P for interest earned from District Co-operative Banks and Treasury, citing a Kerala High Court precedent.
ITAT Chandigarh’s ruling in the CSJ Infrastructure tax case addresses the application of Section 43CA and the tax treatment of interest on land conversion fees.
The Calcutta High Court upholds the ITAT’s decision, ruling that the reopening of a tax assessment was invalid due to a lack of independent reasoning by the tax officer.
The CESTAT Mumbai ruled that demurrage charged by a shipping company is not a separate taxable service but is linked to the exempt service of goods transportation.
Appellate Tribunal reduced a FEMA penalty against an NRI who received property sale proceeds in a resident account, citing the lack of fraudulent intent.
