During the moratorium, tax assessment proceedings were initiated by CIT (appellant) against the corporate debtor. An order for the assessment year 2018-19 was passed on March 31, 2022.
Assessee -cooperative marketing society limited, was subjected to revised assessments for 2008-09, 2009-10, and 2011-12. The assessments were initially deemed complete under Section 22(2) of the TNVAT Act.
Delhi High Court held that interest under section 42 of Delhi Value Added Tax Act entitled to the petitioner as department has illegally retained the money of the petitioner for the long time.
ITAT Mumbai held that unreasoned order confirming addition passed ex-parte is against the principal of natural justice and hence the matter is restored back to CIT(A) for fresh consideration.
ITAT Mumbai held that interest derived from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act to the co-operative society.
ITAT Ahmedabad directs AO to reassess Vallabh Pesticides’ loan and credit entries, emphasizing a fresh review of evidence and loan credibility under Section 68.
ITAT Mumbai held that once the issue of reopening was examined in the scrutiny assessment proceedings, the reason framed under wrong facts are not valid reason, therefore such reasons to believe cannot be sustained. Thus, reopening of assessment quashed.
ITAT Ahmedabad upholds CIT(A)’s ruling dismissing Revenue’s appeal on unexplained cash credits. Genuineness confirmed in remand report for A.Y. 2016-17.
Service tax is only payable on the MDR and not separately on the interchange fee charged between the acquiring and issuing banks.
ITAT Ahmedabad allows registration under section 12AB, clarifying that section 13(1)(b) applies only at the assessment stage.
