CESTAT Delhi held that interest is payable on amount deposited during the course of investigation and refunded back due to NIL. Interest is payable at the rate of 12% from the date of deposit till the date of refund.
ITAT Mumbai held that when the reserve/provisions created in the year where the assessee has increased the book profit u/s. 115JB of the Act, the assessee is entitled to reduce the amount withdrawn from such reserve if the same is credited to the P & L account in that year.
ITAT Mumbai held that when part refund is granted it should be first adjusted towards outstanding interest and then against the tax payable. Interest u/s. 244A of the Income Tax Act directed to be calculated accordingly.
ITAT Ahmedabad held that additional interest under section 244A(1A) is applicable where there is a delay in granting the refund due to the assessee. Provisions of addition interest are effective prospectively from 01.06.2016.
ITAT Ahmedabad held that imposition of penalty u/s. 271(1)(c) of the Income Tax Act justified as deduction was claimed u/s. 54EC and 54F of the Income Tax Act by furnishing inaccurate particulars.
ITAT Mumbai held that accommodation entries in the nature of bogus unsecured loans is liable to be added as unexplained under section 68 of the Income Tax Act. Accordingly, addition u/s. 68 confirmed.
Allahabad High Court grants bail to Gurmeet Singh Batra in a ₹2645.29 crore GST scam case involving fake firms and fraudulent input tax credit claims.
ITAT Delhi held that penalty u/s. 271AAB of the Income Tax Act not imposable as AO failed to link additional income disclosed by the assessee with the incriminating material found during search. Thus, penalty u/s. 271AAB deleted.
Rajasthan HC ruled that a refund denial based solely on Circular 135/05/2020-GST is invalid due to conflict with CGST Act. Case remitted for fresh decision.
ITAT Ahmedabad held that initiation of reopening of assessment based on mere change of opinion and not taking into account the work-in-progress method of accounting followed by the assessee is unjustifiable and liable to be quashed.
