ITAT Kolkata held that there is no finding that interest bearing funds have been applied for purpose of making investment. Further, on account of sufficient availability of interest free funds, interest disallowance under rule 8D(2)(ii) unjustified.
ITAT Mumbai held that the assessee had furnished sufficient evidences to justify the genuineness of the payments and therefore their mere non-attendance of summons, cannot be reason enough to disbelieve the genuineness of the transactions with them. Accordingly, addition u/s. 69C deleted.
In a landmark ruling, Delhi High Court permanently restrains 50 rogue websites from illegally streaming Disney Hotstar shows and movies, upholding copyright protection
Karnataka High Court’s ruling on Prime Location Charges (PLC) and Floor Rise Charges (FRC) under KVAT Act, their exemption from tax, and implications. Learn more.
In case of Makhan Lal Sarkar vs. Assistant Commissioner of Revenue, Calcutta High Court directs Revenue Department to reevaluate denial of Input Tax Credit (ITC) based on Circular No. 183.
In the case of M/s. Western Carrier India Ltd vs. State of U.P., Allahabad High Court held that goods accompanied by an E-way bill and invoice should be released under Section 129 of CGST Act. Learn more.
ITAT Delhi held that imposition of penalty under section 270A of the Income Tax Act unsustainable in absence of any malafide intention on the part of the assessee to claim excess deduction under section 32AC of the Income Tax Act.
ITAT Mumbai held that the determination of Arm’s Length Price (ALP) without applying any methods as prescribed under section 92C(1) of the Income Tax Act by the TPO is not tenable in law.
Madras High Court held that goods cannot be confiscated and vested with the Government. Thus, court ordered provisional release of imported consignment of prohibited black pepper u/s. 110A of the Customs Act on satisfying specific conditions and requirements.
Bombay High Court held that application of Enforcement Directorate u/s. 4 read with Section 12 of the Fugitive Economic Offenders Ordinance, 2018 praying that the Applicant (Mehul Choksi) be declared as a fugitive economic offender is acceptable as requirement of Section 4 duly complied.
