ITAT Pune rules against AO’s profit estimation for Ambience Greendale, citing faulty comparison and no book rejection. ₹5.82 Cr addition deleted.
ITAT Ahmedabad grants relief to Oswal Extrusion Ltd. on interest disallowance for advances to sister concerns, ordering verification of funds flow.
ITAT Mumbai dismisses revenue’s appeal, upholds NFAC order restricting additions for alleged bogus purchases based on Bombay HC precedents.
ITAT Pune held that delay in filing of an appeal before CIT(A) condoned due to company’s financial position and non-pursuing of appeals by tax consultant. Accordingly, matter remitted to file of CIT(A) for denovo adjudication.
ITAT Ahmedabad held that no disallowance under Section 43B of the Act can be made when deduction is not claimed in the profit and loss account [P&L account], and the liability is disclosed as a current liability. Accordingly, matter restored to AO to verify VAT liability.
Telangana High Court held that issuance of garnishee notice attaching bank account despite pendency of appeal and stay application is not sustainable and same deserved to be set aside. Accordingly, writ petition disposed of.
Tax tribunal rules NIIT Ltd. can deduct finance lease principal payments as revenue expense; penalty appeal sent back for detailed review.
Delhi HC Quashes Reassessment Due to Change of Opinion and absence of failure on the part of the assessee to disclose fully and truly all material particulars necessary for assessment.
India’s Supreme Court upholds High Court ruling, quashing tax re-opening notice for Marico Ltd. citing impermissible change of opinion on scrutinised issue.
Faridabad court denies bail to accused in ₹23.66 crore GST fraud case, citing gravity of economic offence and risk of tampering with evidence.
