ITAT Delhi held that in absence of original certificate, benefit of jewellery and ornaments declared in VDIS Scheme 1997 is granted based on affidavit and valuation report of the jewellery declared under VDIS.
Calcutta High Court held that initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act and passing of penalty order thereof in the name of a non-existent entity (i.e. dissolved HUF) is liable to be quashed. Accordingly, appeal of revenue dismissed.
ITAT Delhi held that addition under section 69C of the Income Tax Act towards bogus purchases cannot be sustained merely for failure on the part of 3rd party in not responding to the summons. Addition set aside since genuineness of transaction proved.
Held that the AO seeks to disallow expenses on account of doubting the genuineness for the reason that the same were not incurred wholly or exclusively for the purpose of the petitioner’s business.
ITAT Ahmedabad held that matter regarding rejection of registration under section 12A of the Income Tax Act remitted back to file of CIT(E) with direction to explain the fulfillment of conditions as stipulated u/s.12A(1)(ac)(vi)-Item B of the Act.
Supreme Court held that demand notice under section 8 of the Insolvency and Bankruptcy Code [IBC] can be served upon corporate debtor through its Key Managerial Personnel. Accordingly, rejecting section 9 petition on technical ground is incorrect and not sustainable.
Supreme Court sets aside High Court order, quashes Gangsters Act FIR finding predicate cases stemmed from civil property and monetary disputes.
Supreme Court dismisses appeals against High Court bail orders in a murder case, citing limited scope for interference and proper exercise of discretion.
Supreme Court emphasizes bail as the norm, jail the exception, outlining factors judges must weigh in bail pleas, citing key judicial precedents.
Gujarat High Court dismisses tax department appeal, rules simultaneous penalties under Sections 76 and 78 of Finance Act, 1994, not permissible.
