ITAT Delhi held that in case of bogus purchases only profit element embedded should be taxed and entire amount of purchases cannot be taxed. Accordingly, AO directed to apply profit rate of 5% on unverifiable purchases.
ITAT Delhi held that different floors of a property cannot be construed as independent residential unit and instead had to be construed only as a single residential unit for purpose of claiming deduction u/s. 54F. Accordingly, grounds raised by revenue dismissed.
ITAT Hyderabad held that it is not obligatory on the part of the CIT(A) to set aside all the best judgment assessment orders passed u/s 144 of the Income Tax Act to the file of the AO. CIT(A) is obligated to address the grievance of validity of jurisdiction assumed by AO for initiating reassessment proceeding.
PCIT (Central)-2 Vs K.R. Pulp And Papers Ltd (Delhi High Court) Delhi High Court held that reopening of assessment under section 147 of the Income Tax Act rightly quashed by CIT(A) and ITAT since there was full and true disclosure of all the material facts on the part of the assessee. Accordingly, appeal of revenue […]
Calcutta High Court remands Horizon Hi Tech GST appeal after 19-day delay; cites director’s illness, business closure, and tribunal absence.
Calcutta High Court remands Hindustan Construction Co. Ltd.’s VAT assessment challenge, citing issues with “best of judgment” assessment and unsubstantiated 40% addition to Contractual Transfer Price. Directs re-examination.
Karnataka High Court quashes order rejecting Manjeet Singh Chawla’s ‘Nil Tax Deduction Certificate’ request for Flipkart stock option compensation.
Delhi High Court allows Hindustan Construction Company Ltd. to seek rectification for denied ITC in a case challenging a GST order and the validity of Notification No. 56/2023, while the primary issue is pending before the Supreme Court.
Madras High Court held that pledging of shares for the enable sister concern to avail loan is certainly an activity undertaken in the course of business. Accordingly, sale of shares thereon to satisfy dues of defaulting sister company is entitled for deduction of business loss/ debt.
ITAT Pune directed appellant to prove genuineness of activities; details of donations received and file audited financial statements for getting approval for regular registration u/s.12A r.w.s.12AB of the Income Tax Act. Accordingly, matter remitted back.
