ITAT Ahmedabad held that addition u/s. 69A towards unexplained money [on-money transaction] simply on the basis of presumptions without any concrete evidence is liable to be deleted. Accordingly, addition u/s. 69A deleted as it lacks a valid basis.
ITAT Kolkata held that re-assessment proceedings initiated under section 148 of the Income Tax Act without any tangible material and without independent application of mind is not sustainable in law. Accordingly, reassessment is quashed.
Bombay High Court held the reopening of assessment initiated on the basis of subsequent information justified as based on such information transaction was prima facie found to be undisclosed funds routed through various tax havens companies.
Court modifies order, prevents entry tax recovery from IMFL manufacturer for April-May 2005 based on a state circular.
Supreme Court held that re-classifying products based on the test report, which was leading to consequential differential duty demand, was not furnished to the appellant hence the same was in clear violation of principles of natural justice.
The assessee company, engaged in the business of real estate, having multiple ongoing projects of construction and also selling upon the plots of land. The case of the assessee was selected for scrutiny assessment through CASS.
Telangana High Court held that demand for life tax on used motor vehicle imposed under Telangana State Motor Vehicle Taxation Act, 1963 is valid even when tax was paid on the subject vehicle in another state. Accordingly, writ petition dismissed.
ITAT Delhi held that mere confession of accused cannot be a ground for conviction since the same is not supported by credible evidence on records. Accordingly, addition under section 69 of the Income Tax Act deleted.
ITAT Surat imposed cost of Rs. 10,000 on the applicant for non-furnishing of requisite details post application for registration filed in Form No.10AB. Accordingly, matter remanded back to the file of CIT(E).
ITAT Mumbai held that PCIT is empowered to issue a show- cause notice and pass a revision order u/s. 263 of the Act when reassessment order passed by AO was quite cryptic. Accordingly, order of PCIT upheld and appeal of assessee dismissed.
