Allahabad High Court dismisses the Revenue’s appeal in PCIT Vs Subodh Agarwal, citing mechanical approval under Section 153D of the Income Tax Act.
The Calcutta High Court quashes a duplicate service tax demand for the same period in Arjun Chettri vs Union of India & Ors, ordering the unfreezing of bank accounts.
Zoho Corporation’s attempt to deduct foreign taxes as business expenses under Section 37 of the Income Tax Act was rejected by the ITAT Chennai. The tribunal upheld the disallowance, citing Section 40(a)(ii) and emphasizing the distinction between foreign tax credit under Section 90/91 and business expense deductions. This ruling clarifies the limitations on claiming foreign tax deductions and reinforces the interpretation of relevant tax provisions.
The TPO, however, was not satisfied with the process of computation of PLI made by the Assessee. Accordingly, the TPO has treated the expenses incurred by the foreign AE as part of the operating expenses.
A search and seizure action u/s.132 of the Act was conducted in the assessee’s case on 14.11.2019. AO observed that during the course of search action, a pen drive was found from the cabin of the Head-Cashier.
Supreme Court held that in disciplinary proceedings, the Disciplinary Authority is not required to be recorded detailed reasons in the order imposing punishment if he accepts the findings recorded by the Enquiry Officer.
Madras HC rules on DXN Herbal’s tax deduction claims under Section 80IB & 43B. Key issues include manufacturing status, excise duty, and revised tax returns.
It is well settled that once a statute prescribes a specific period of limitation, the Appellate Authority does not inherently hold any power to condone the delay in filing the appeal by invoking the provisions of Section 5 or 29 of the Limitation Act, 1963.
ITAT Jaipur held that addition under section 68 of the Income Tax Act towards unsecured loan is untenable since loans accepted were repaid in the same year and all the transactions were carried out through banking channels. Accordingly, appeal of revenue dismissed.
Delhi HC directs Customs to release detained gold, iPhone, and more after failure to issue a Show Cause Notice within six months. Read the full case summary.
