Read Gujarat High Court’s recent ruling in PCIT vs. Jigar Jashwantlal Shah case regarding taxability of allotted shares under Section 56(2)(viic) of Income Tax Act.
ITAT Mumbai held that the benefit under section 35(2AB) of the Income Tax Act is also available in respect of expenditure on clinical trials outside the approved in-house R&D facility.
Delhi High Court restored the matter to the Appellate Authority as refund claim was rejected without considering the material that establish that input supplies in respect of which ITC was claimed were in respect of export.
ITAT Delhi held that as lower authority made ex-parte addition towards unexplained investment u/s 69 of the Income Tax Act matter restored to CIT(A) for denovo adjudication giving last opportunity to assessee to explain source of investment.
ITAT Pune held that the excess income declared during the course of survey proceedings cannot be treated as unexplained income, but, the same is treated as business income.
Read about Kerala High Court’s verdict in EVM Passenger Cars India Pvt. Ltd. vs. State of Kerala, highlighting importance of GST document compliance during goods transportation.
CESTAT Ahmedabad’s ruling on excise duty for physician samples sold to dealers for free distribution to doctors. Analysis of Sun Pharmaceuticals vs. C.C.E. & S.T.-Vadodara-ii case.
Delhi High Court’s interpretation of Section 10A(5) of the Income Tax Act regarding eligibility for deduction when audit report is filed before assessment.
Allahabad High Court’s ruling on ITR filing delay after 20 years. Analysis of Sri Kailash Chand Agarwal vs. Principal Commissioner case.
CESTAT Chennai ruling on classifying magnesite collection as mining services. Analysis of KRSS Manpower Service vs. Commissioner of GST & Central Excise.
