ITAT Surat held that provisions of section 115BBE of the Income Tax Act are enacted on 15.12.2016 hence taxing addition at higher rate u/s. 115BBE for prior period is not sustainable. Accordingly, AO directed to tax addition at normal rate of tax.
The present case revolves around the Duty Drawback Scheme. This scheme has become the subject of misuse by some traders/ exporters who make fraudulent exports merely with a view of availing the benefits under the scheme.
The petitioner, essentially, impugns a notice dated 22.07.2022 issued under Section 148 of the Income Tax Act, 1961 inter alia, on the ground that it has been issued beyond the period of limitation as specified under Section 149(1)(a) of the Act.
ITAT Delhi held that assessment framed u/s. 147 invalid due to non-issuance of notice u/s. 143(2) of the Income Tax Act against return filed in response to notice u/s 148. Accordingly, appeal of the assessee allowed.
ITAT Agra deletes penalty on State Bank of India for short TDS on LFC with foreign leg, citing bona fide belief and Supreme Court ruling on penalty.
Gujarat High Court Upholds Tax Reopening on Suspected Bogus Share Capital; Fresh Information on Shell Companies Justifies Scrutiny Despite Prior Assessment; Reopening Based on Investigation Report Validated
Chhattisgarh High Court quashes reassessment under Section 148 of Income Tax Act, citing lack of reasonable opportunity and violation of natural justice.
ITAT Mumbai restricts tax addition on share allotment in ITO vs Rajeev R Tulshyan case, citing proportionate rights issue and lack of disproportionate gain.
Gauhati High Court rules cess collection post-GST illegal in Eastern Roller Flour Mills case but denies refund due to unjust enrichment doctrine.
Gauhati High Court rules Assam agricultural market cess post-GST invalid, citing conflict with GST law. Denies refund based on unjust enrichment.
