The ITAT Raipur ruled in favor of Kuldeep Jiwan Mahant, deleting an addition made under Section 68 for cash deposits, citing bank passbooks are not “books” for this section.
ITAT Kolkata rules in favor of Cygnus Developers, accepting share application money as genuine, citing investor company tax assessments and judicial precedents.
Telangana High Court dismisses a bookie’s appeal, affirming a Rs. 1 lakh penalty for failing to audit accounts despite a high turnover, rejecting contradictory claims.
ITAT Bangalore allows Section 54F deduction for Ramaiah Dorairaj, ruling that direct investment in a new house within the period overrides non-deposit in Capital Gains Scheme.
Delhi High Court dismisses plea against GST Circular 80/54/2018, citing a prior ruling that already set aside the disputed clarification on product classification.
ITAT Mumbai rules in favor of Cable and Wireless, holding that allocating shared employee costs based on headcount is a valid method, overturning the tax officer’s order.
NCLAT Delhi rules on Uttam Galva Steels case, disallowing joint operational creditor applications and lawyer issued demand notices under IBC.
Delhi High Court held that the benefit of exclusion of time by virtue of Explanation (ix) of Section 153B of the Income Tax Act cannot be available here as reference made for information under Indo-Swiss DTAA was invalid. Accordingly, questions to law as framed are answered against the Revenue.
Additionally, the GST certificate issued by the Superintendent of Central GST confirmed no outstanding dues and that the re-tender order resulted in loss of competitive advantage and investments already made in connection with the lease.
ITAT Indore held that retrospective cancellation of registration granted under section 10(23C)(vi) of the Income Tax Act invalid. Amendment brought in statute via Finance Act, 2022 is prospectively effective from 01.04.2022.
