Madras HC discharges auditor Murali Krishna Chakrala in money laundering case linked to bogus imports, citing lack of direct involvement and cooperation with ED.
ITAT Bangalore cancels ₹2.20 lakh penalty on Rajiv Duseja for cash loans from family. Cites precedents on genuine transactions & reasonable cause.
Revenue argued that the refund claims were time-barred and that Section 27 of the Customs Act should apply strictly. They further submitted that the Supreme Court had not conclusively resolved the divergence between the Delhi and Bombay High Court positions. On appeal.
Patna High Court grants bail to an accused in an alleged ₹33 crore GST invoice scam, citing lack of proper evidence for arrest.
ITAT Kolkata held that reopening of assessment is invalid since reasons recorded are vague and scanty and PCIT has granted approval in mechanical manner. Accordingly, reopening of assessment is liable to be quashed.
ITAT Delhi held that assessment passed on a non-existing entity [i.e. Union Bank of India] not sustainable since the same is amalgamated with Punjab National Bank and accordingly, Union Bank of India has lost its existence.
ITAT Bangalore held the imposition of penalty under section 270A of the Income Tax Act is not sustainable since charge of under reporting or mis-reporting not clarified. Thus, penalty cannot be imposed in a light hearted manner or in routine manner.
ITAT Surat held that the application in Form No.10AB u/s 80G(5) of the Income Tax Act cannot be dismissed as barred by limitation in view of CBDT circular 7/2024 dated 25.04.2024. accordingly, matter remitted to the file of CIT(E).
Coordinate Tribunal in the case of Arti Dhall vs. DCIT has held that in the case on hand undoubtedly the satisfaction note u/s 153C of the Act was recorded on 27.09.2022 which falls in the previous year 2022-23 relevant to the AY 2023-24.
ITAT Hyderabad held that interest on loan taken to acquire shares of any company for taking controlling interest is eligible as deduction under section 36(1)(iii) of the Income Tax Act. Accordingly, appeal of revenue dismissed.
