The ITAT Lucknow tribunal rules that an accommodation entry provider can only be taxed on its commission income, not the entire amount of routed funds, a clarification of Section 68.
Lucknow ITAT confirms penalty under section 271B, ruling that a taxpayer is responsible for timely tax audit completion and report submission, and blaming the CA is not a valid defense.
Considering that the matter is at the stage of framing of charge and the trial has to begin, the Court is not passing any observation in this regard. However, for the purposes of this assessment, these set of circumstances do not persuade the Court that ECIR needs to be quashed.
Chhattisgarh High Court held that the petitioner would not be entitled for Input Tax Credit [ITC] to electrical energy consumed for maintenance of its township since it is not in the course or furtherance of business in terms of section 2(17) r.w.s. 16(1) of the CGST Act.
Bombay High Court held that in absence of express authorization, thus service upon the Chartered Accountant [CA] do not absolve the Tribunal of serving the copies of the order upon the assessee. Thus, appeal allowed and delay condoned.
CESTAT Delhi held that ‘paytm’ soundbox is primarily meant to work with 2G device and not 4G LTE complaint device hence eligible for concessional rate of 10% basic customs duty [BCD] vide notification no. 57/2017 dated 30.06.2017.
Merely on the premise of mixing of the cargo, post the issuance of the let export order could not justify the claim for demand of duty on the entire lot, when there was nothing contrary to hold Fe% being more than the dutiable threshold, when arrived at on WMT basis.
Where Cooperative Society was engaged in the business of providing credit facilities to its members, they deposited excess amount for short term in banks, interest earned was entitled for deduction under Section 80P(2)(a)(i).
ITAT Surat held that addition of unexplained stock as unexplained investment u/s. 69 of the Income Tax Act upheld due to claim of closing stock was not supported by any verifiable evidences. Accordingly, ground of appellant dismissed.
NCLT Delhi held that Fixed Deposit Receipts FDRs standing in the name of the Corporate Debtor constitute financial assets and form an integral part of the Corporate Debtors estate. Thus, resolution professional is directed to approach concerned bank and request defreezing of FDRs to ensure control over the same.
