ITAT Chandigarh held that imposition of penalty u/s. 271(1)(b) of the Income Tax Act unjustified as special audit completed u/s. 142(2A) and audit report submitted within the extended time limit provide by AO.
Read the full text of the ITAT Delhi order in the case of Economical Credit & Construction Co. Pvt. Ltd vs. ITO regarding income from land sale tax dispute.
Read the Kerala High Court’s judgment on Section 220(2) of the Income Tax Act and its non-retrospective effect on tax interest in Catherine Thomas vs. Principal Chief Commissioner of Income Tax.
The ITAT Kolkata has deleted the penalty in Prem Kumar Goutam vs. DCIT, ruling that the AO cannot demand a Profit and Loss Account for Section 44AD income. Get the details.
Ruskin Chemipharm vs. ACIT: ITAT Mumbai orders re-examination of disallowed interest paid to partners due to a mistake in Tax Audit Report. Detailed analysis here.
ITAT Ahmedabad held that in case of bogus purchases, if the sale is not in doubt, then only the profit element embedded in such purchases should be subject to tax in the hands the assessee. Accordingly, CIT(A) restricting disallowance to 25% of the addition justified.
Acqueon Technologies Pvt. Ltd vs. Commissioner of Customs: CESTAT Chennai allows customs duty refund despite invoice error. Detailed analysis and precedent cited.
CESTAT Ahmedabad held that suo moto re-credit duly allowable as eligibility of cenvat credit on outward transportation has attained finality and decided in favour of the appellant.
Assets Care And Reconstruction Enterprises Limited Vs State of Maharashtra & Ors.: Supreme Court rules High Courts must not deny interim relief citing alternative remedy. Analysis and implications.
Madras High Court’s ruling on cancellation of GST registration due to non-return filing. Learn about the case of Rakeshkumar vs. Assistant Commissioner (CT).
