Kerala High Court held that 100% Export Oriented Unit i.e. EOU is itself a customs bonded unit and hence no reason exists to deny permission to the petitioner to remove the cashew kernels covered by Bill of Entry to be re-processed in its own customs bonded premises.
ITAT Pune held that application of cash received from unrecorded cash sales needs verification since assessee claims that it is applied for giving advance to the farmers for purchase of raw material and also for expansion of the existing showroom.
ITAT Mumbai rules share application money from existing shareholders, later converted to shares, is a capital receipt, not taxable as business income u/s 28(iv).
ITAT Kolkata allows appeal, holding TDS disallowance unsustainable if payee taxed income, especially when Form 26A wasn’t applicable.
ITAT Visakhapatnam rules no penalty for late Form 67 filing when foreign tax payment is genuine; upholds CIT(A) decision against Revenue.
ITAT Delhi holds interest on enhanced land acquisition compensation under Section 28 is tax-free under Section 10(37), not taxable under Section 56.
Analysis of ITAT Bangalore order in E. Ashwath Narayan vs. ITO case, focusing on procedural violations and assessment challenges for AY 2015-16.
The right to correct mistakes in the nature of clerical or arithmetical error is a right that flows from the right to do business and should not be denied unless there is a good justification and reason to deny benefit of correction.
ITAT cochin bench held that the benefits of new tax regime u/s 115BAC shall not be denied even if there is a delay in filing of Form No. 10IE, provided Form 10IE is filed along with the return of income and it is available at the time of processing the return.
Delhi High Court held that mere rejection of the Petitioner’s request for cross-examination cannot be treated as a sufficient ground to bypass the statutorily prescribed appellate remedy and invoke the writ jurisdiction of this Court. Accordingly, writ disposed of.
