ITAT Mumbai rules that penalty under Section 271(1)(c) of the Income Tax Act cannot be levied on ad-hoc estimated income, dismissing Revenue’s appeal in ITO vs. Ashok Industrial Corporation.
Section 263 could not be used merely to impose a different view on the estimation rate. Since the declared income exceeded the presumptive tax threshold, there was no loss to revenue, making the revision unjustified.
Notably, the Appellant filed the application under Section 9 of the Code on 18.08.2020 for an amount of Rs. 2,77,68,000/- allegedly due and payable by the Corporate Debtor (CD).
NCLAT Delhi held that any dispute even pending in the arbitration does not in any manner prohibit the financial creditor to take remedy under Section 7. Thus, appeal dismissed and held that application u/s. 7 duly admitted.
Telangana High Court sets aside ITAT’s remand to CIT(A) in a penalty case, emphasizing the Tribunal’s duty as a final fact-finding body.
Karnataka High Court held that transfer of Set Top Boxes to subscribers amounts to sale within the definition of section 2(29)(d) of the Karnataka Value Added Tax Act, 2003 and hence sales tax leviable on the same.
Kerala HC rules improper GST notice service via portal violates natural justice. Taxpayer granted fresh opportunity to respond. Read more on the verdict.
Gujarat High Court held that reopening of assessment is based on change of opinion since exact entry which was already scrutinised and accepted by department during scrutiny assessment. Accordingly, re-opening u/s. 148 is liable to be quashed.
Gauhati High Court held that the Summary of the Show Cause Notice in GST DRC-01 is not a substitute to the Show Cause Notice to be issued in terms with Section 73 (1) of the Central Goods and Services Tax Act [CGST Act].
ITAT Ahmedabad deletes addition of ₹6.16 lakh under Section 69A for unexplained jewellery, considering joint ownership of locker and affidavit from the daughter.
