ITAT Ahmedabad held that addition u/s. 56(2)(vii)(b)(ii) of the Income Tax Act justified due to difference stamp duty value of the property and sale consideration. Accordingly, appeal of the assessee allowed.
Delhi High Court held that delay in submission of physical copy of certified order condoned since online filing of an appeal u/s. 107 of CGST Act, 2017 along with order within time limit.
ITAT Ahmedabad held that interest income earned from business activity is classifiable as business income and accordingly, relevant expenses allowed as deduction. Hence, appeal of the assessee allowed.
Karnataka HC decision on transfer pricing adjustments and Section 92BA amendments in the PCIT vs TT Steel Service India Pvt. Ltd. case.
Gujarat HC rules no GST on transfer of leasehold rights as it constitutes immovable property transfer; ITC inapplicable. Key relief for taxpayers.
CESTAT Bangalore held that imported coco beans which didn’t satisfied the quality standards were permitted to re-export and accordingly, redemption fine and penalty imposed on the same reduced.
The officers of D.G.G.I., Meerut Zonal Unit received an information that a racket is indulged in creation of fake firms and issuance of bogus bills and invoices without any supply of goods and services.
ITAT Ahmedabad held that interest received by co-operative society from SBI, which is a Nationalized Bank, is not allowable as per the section 80(P) of the Income Tax Act. Accordingly, AO directed to carry out proper adjudication and verification.
The date on which AO passed the above order was 28.11.2019; therefore, re-opening of case for AY.2011-12 is time barred as per the clear provisions of section 150(2) of the Act. Hence, the direction of the CIT(A) is not in accordance with law and is liable to be quashed.
According to the appellant, Respondent Nos. 1 through 26 were creditors in the class of the Project Spaze Arrow, and in order to start a CIRP against the CD, they filed an application under Section 7 that only pertained to the Project Spaze Arrow.
