Rajasthan High Court held that profits and gains generated by captive consumption of electricity is eligible for deduction under section 80-IA of the Income Tax Act. Accordingly, appeal of revenue dismissed.
ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided for amount of understated/ suppressed net profit. Accordingly, appeal dismissed and penalty upheld.
ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to valuation officer DVO as contemplated in Section 50C(2). Accordingly, AO directed to refer matter to DVO.
ITAT Hyderabad held that determination of sale consideration on the basis of some statements without bringing any concrete material in support of his claim, is not correct. Accordingly, addition is liable to be deleted and appeal filed by revenue dismissed.
ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under section 68 of the Income Tax Act. Accordingly, addition is deleted and appeal is allowed.
ITAT Ahmedabad held that addition, treating share application money as unexplained income, based on surmises and conjectures without making proper verification of facts with relevant materials and evidences is not sustainable in law.
The Competition Commission of India rejected Moses Pinto’s complaint against Victor Hospital, ruling no violation of Sections 3 and 4 of the Competition Act, 2002.
CCI rejects claims of anti-competitive conduct by Navodaya Vidyalaya Samiti and RailTel in PM SHRI scheme tender, citing lack of evidence.
The CCI finds no evidence of bid rigging in Aegis Logistics’ tender process. Read the details of the case and judicial precedents behind the decision.
CCI rejects allegations that Microsoft abused its dominant position in Windows OS market to favor its Defender antivirus, finding no anti-competitive conduct
