ITAT Delhi held that invocation of provisions of section 40A(3) of the Income Tax Act not justifiable as income is estimated on the basis of gross profit rate. Thus, disallowance u/s. 40A(3) set aside and appeal stands allowed.
ITAT Mumbai held that Private Discretionary Trust whose income is chargeable to tax at maximum marginal rate is not leviable to pay surcharge if the slab rates are below Rs. 50 Lakhs. Accordingly, surcharge is not leviable in the present case and appeal is allowed.
Delhi High Court held that bail application of accused is rejected as there is reasonable ground to believe the accused is found guilty in illegal mining and money laundering. Further, plea to grant bail on medical grounds also rejected as accused condition is stable and regularly reviewed by doctor.
The appellant appears to have given a discount on the gross value of the exports which was reflected in the invoice raised by the appellant as well and hence, appellant received 97% of the gross value of the export in its bank account (Bank of Maharashtra).
ITAT Nagpur ruled that loose papers found with a third party cannot justify income addition without corroborative evidence, especially if statements are retracted.
ITAT Bangalore ruled in favor of Thejaswini Jakkaraju, allowing the Section 87A tax rebate on a revised return filed to rectify an omission in the original filing.
ITAT Pune condones delay, restores six appeals to CIT(A) for merit-based decision, citing non-compliance with Section 250(6) and assessee’s health.
Mumbai ITAT deletes ₹42 lakh ‘on money’ addition against assessee, citing tax officer’s failure to provide cross-examination and lack of independent evidence.
Mumbai ITAT dismisses appeal against assessee, citing invalid Section 148 notice due to improper sanction and lack of cross-examination in ‘on money’ case.
Delhi High Court halts coercive measures against Raghav Agarwal in a GST case involving multiple show cause notices for overlapping periods.
