Delhi High Court upholds suspension of customs broker license for fraudulent permit to third parties, ruling in favor of Commissioner of Customs.
Explore how DCIT vs. Claris Lifesciences Limited case sets precedent for setting off deemed short-term capital gain on sale of depreciable against long-term capital loss.
Read about the interim relief denial by Competition Commission of India in the case of People Interactive India Private Limited vs. Alphabet Inc. (Google) regarding Googles app store fee policy.
ITAT Ahmedabad overturns AO’s decision, ruling that penny stock sale cannot be treated as unaccounted income if the purchase is genuine. Details of the case and verdict provided.
In a case involving share purchase discrepancies, ITAT Mumbai directs the AO to re-calculate tax liabilities after verifying relevant documents. Full text of the order provided.
Supreme Court held that transaction value of imported goods duly discarded/ rejected as it is found that there are imports of identical/ similar goods at higher value at around the same time.
ITAT Ahmedabad held that amount received as confirming party on sale of right is considered as receipts on sale of capital asset and accordingly, income is held as income from long term capital gain.
ITAT Indore held that assessment done after considering replies/ submissions of the assessee cannot be said to be faulty. AO has taken a plausible view after considering replies/ submissions and hence revisional jurisdiction u/s. 263 of the Income Tax Act not warranted.
The mere receipt of funds from M/s Solvent Real Estate Pvt. Ltd. did not constitute tangible evidence of income escapement by the assessee. Despite efforts by the assessee to provide explanations and evidence, the AO failed to conduct independent inquiries and relied solely on the information received.
Learn how the Supreme Court upheld the tax settlement of Niket Udyog Ltd under the SICA Act, as directed by BIFR. Analysis and implications discussed.
