Delhi ITAT dismisses appeal in DCIT vs. Ajay Goel case, upholding tax relief for Section 54F deduction and indexed cost of shares on capital gains.
The ITAT Delhi rules in Mahendra Singh Jain vs. ITO that an assessment order issued to a deceased individual is void and without legal jurisdiction.
ITAT Delhi rules that a refund from a company is a valid return of deposit, not an unexplained cash credit under Section 68, citing audit and bank records.
ITAT rules that a company’s share premium received from a publicly listed parent company is not taxable under Section 56(2)(viib) and cannot be taxed as income.
Mumbai ITAT rules that tax additions for bogus purchases are not valid if the goods were returned and the transactions were fully reversed in the company’s books.
ITAT Mumbai deletes 100% bogus purchase addition on diamonds, ruling that only the profit element is taxable as the assessee had already offered presumptive income.
The Chandigarh ITAT has dismissed a trust’s appeal for 80G approval, ruling that its hospital operates commercially and has no verifiable charitable activities.
ITAT Chandigarh deletes a Section 68 addition on share capital, ruling that a listed company is not required to prove a source of source for investment.
Calcutta High Court held that allowing application for withdrawal/cancellation of Ex. Bond bill of entry and re-instatement of into-bond bill of entry without referring the provisions of the Customs Act under which the permitted is not justifiable. Accordingly, order set aside.
NCLAT Delhi held that order deserved to be set aside since it is unreasoned order and further reasonable and sufficient opportunity not granted as envisaged in Rule 37 of NCLT Rules, 2016 and hence the same is in violation of principles of natural justice.
