ITAT upholds AO’s 20.97% gross profit estimation for Sarandhar Gupta due to unverifiable cash expenses in road contracting business.
Delhi High Court held that independent non-executive director cannot be held liable for non-fulfilment of export obligations by the company. Accordingly, penalty imposed on the director is liable to be set aside.
ITAT Kolkata rules assessment void due to non-issuance of mandatory notice u/s 143(2) in Sandip Kumar Keshari Vs ITO case.
During the year, assessee has entered into several international transactions as per Form 3CEB and after analyzing the transactions under consideration. By relying on various decisions, TPO has rejected the submissions of the assessee.
ITAT Mumbai allows WOW Entertainment’s appeal, deleting ₹1.44 Cr addition under Section 68 due to denied cross-examination and proof of loan genuineness from a cooperative credit society.
CESTAT Bangalore held that question of redetermination of value doesn’t arise since the impugned goods were replacement for goods imported earlier which were found to be defective. Accordingly, appeal allowed.
Orissa High Court clarifies that the Supreme Court’s interim relief on entry tax interest applies solely to petitioners who filed the SLP, not all assessees.
ITAT Delhi sets aside assessment orders against Telenor India Communication Private Limited, finding them void as the entity merged with Bharti Airtel and ceased to exist before the orders were passed.
Read about DCIT Vs Alfa Laval India Pvt Ltd (ITAT Pune): Key findings on Transfer Pricing, rejection of Cost Plus Method, and disallowances for project costs and actuarial gains.
Delhi High Court held that initiation of reassessment proceedings by issuance of notice under section 148 of the Income Tax Act is not sustainable in law in as much as the same is barred by limitation as stipulated u/s. 149 (1) of the Income Tax Act.
