CESTAT Mumbai held that the amount of Social Welfare Surcharge (SWS) payable would be ‘Nil’ in case where Basic Customs Duty (BCD) is Nil. Accordingly, the appeal is allowed.
ITAT Surat rules no penalty under Section 271(1)(c) if income is assessed on estimate. Penalty deleted as disallowances were based on turnover estimation.
ITAT Kolkata rules Sec 263 cannot exceed reassessment scope, limits revision period. Disallowances u/s 40A(3) sent back for scrutiny.
ITAT Delhi held that addition merely on the basis of entries found in the seized diary without any corroborative evidence and without any independent enquiry by AO is not sustainable. Accordingly, addition made by AO is deleted.
ITAT Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan repayment.
Kolkata ITAT allows appeal by Youth Potent Potation, overturning disallowances on partners’ salary, staff expenses, accounting charges, and donations for AY 2015-16.
ITAT Kolkata held AO’s order under Section 144C(13) was passed beyond limitation; quantum appeal allowed, stay application dismissed.
Delhi High Court held that IFCI Limited (Lender) is required to release the shares from the pledge as and when the loan is repaid by the borrower. Accordingly, Court directed IFCI to release the pledge within a period of six weeks.
ITAT Raipur held that due to non-response for assessee if addition of income is done as Form 26AS then obviously TDS credit available in Form 26AS needs also to be allowed. Thus, appeal partly allowed.
ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actual purchase price declared by the assessee falls within the tolerance limit of 10%. Accordingly, appeal allowed.
