ITAT Delhi held that “full value of consideration” or “cost of investment” cannot be substituted by the fair market value (FMV), except in the case falling within the purview of 50C and Sec. 56(l)(vi)/(vii) of the Income Tax Act.
CESTAT Chennai held that inclusion of royalty and technical know-how in the assessable value of the imported products unjustified as relationship has not influenced the pricing pattern.
NCLT Kolkata held that successful bidder of the Corporate Debtor is allowed to file application before Adjudicating Authority claiming reliefs and concessions, however, such reliefs and concessions cannot be too elaborate and general and must be in consonance with process document in the liquidation proceedings.
CESTAT Bangalore rules that Huy Glass made of 100% glass fibres is correctly classifiable under Customs Tariff Heading 8421 as air purifiers, not textiles.
ITAT Bangalore rules in favor of Minority Co-op. Credit Society Ltd. on interest income deduction under section 80P(2)(d) from unlicensed co-op bank investments for AY 2017-18.
Kerala High Court directs swift decision on Kerala Co-operative Deposit Guarantee Fund Board’s exemption application under Section 10(46A) of the Income Tax Act.
ITAT Pune rules against a company’s claim for improvement costs on an individual’s flat in Arun Tulshidas Kharat Vs DCIT case. Detailed analysis and implications here.
In light of ongoing NCLT insolvency proceedings, ITAT Mumbai orders Jet Airways to contribute Rs 25,000 to the Prime Minister Relief Fund, emphasizing the importance of compliance.
Allahabad High Court upholds the deletion of an income tax addition under Section 68 for Paswara Papers Ltd., affirming the genuineness of the transaction.
Allahabad High Court orders refund of tax and penalty to Globe Panel Industries India Pvt Ltd, highlighting the lack of intent to evade tax due to an expired GST E-Way Bill.
