ITAT Bangalore held that provisions of section 45(4) of the Income Tax Act are application only when there is transfer of any asset to the partners account from the firm. Accordingly, section 45(4) cannot be invoked in case of incremental capital brought in by the new partner.
Allahabad High Court sets aside GST registration cancellation due to lack of physical notice and personal hearing, upholding natural justice principles for taxpayers.
ITAT Kolkata held that compensation received for failure of performance guarantee parameter of capital assets [Wind Turbine Generators] is in nature of capital receipt and hence outside the purview of taxation. Accordingly, appeal of assessee allowed.
Orissa High Court held that disallowance of input tax credit under GST without granting proper opportunity to substantiate the claim is not justified. Accordingly, ex-parte order passed is liable to be set aside and matter remanded back.
ITAT Jodhpur held that issuance of re-assessment notice under section 148 of the Income tax Act to non-existent firm and to deceased partners is invalid issuance of notice. Accordingly, order passed thereon is liable to be quashed.
ITAT Raipur held that ex-parte order passed by CIT(A) is liable to be set aside since there were justifiable reasons for the assessee trust of having remained unaware about the on-going appellate proceedings before the CIT(A). Accordingly, matter restored back for fresh consideration.
Supreme Court grants bail to Vishal Agarwal in a case involving alleged public exchequer loss. Bail approved as chargesheet filed and evidence is documentary.
Delhi High Court held that that Section 68 of the Act as was in force prior to 01.04.2023, did not require the assessee to explain the source of the source of funds in case of unsecured loans. Accordingly, addition is liable to be deleted and appeal allowed.
ITAT Mumbai clarifies tax on builders’ unsold inventory, stating no deemed rental income on stock-in-trade. Also addresses 80G deduction for CSR expenses, citing judicial precedents.
Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder cannot be taxed as business income or income from house property for the Assessment Year 2013-14. This decision predates the 2017 amendment to Section 23(5) of the Income-tax Act.
