Input Tax Credit (ITC) availed on insurance premiums for stock, plant & machinery, and business premises (under a Standard Fire and Special Perils Policy) could not be denied by treating it as “motor vehicle insurance
The Tribunal held that a reopening made after three years is void when approval is granted by the PCIT instead of the PCCIT/CCIT. The entire reassessment and related disallowance were struck down.
Since JIL had already received the entire principal amount determined as its entitlement, and neither the interim nor the final orders of this Tribunal conferred any right to claim interest for the period preceding actual disbursement
The Tribunal held that advances originating from bank cash-credit facilities secured by the shareholder’s personal assets are commercial transactions, not deemed dividend. The addition under section 2(22)(e) was therefore removed.
High Court sets aside penalty imposed under Section 129(1)(b), directing authorities to apply Section 129(1)(a) where goods were accompanied by tax invoice.
The Tribunal held that once sale proceeds are reduced from the asset block under section 43(6)(c), no separate tax can be levied on book profit. The addition was deleted to prevent double taxation.
Rajasthan High Court held that rejection of tender bid due to non-filing of GSTR-3B return constitutes material deviation since filing of GSTR-3B is mandatory tender condition. Accordingly, writ petition dismissed.
The High Court granted bail to an applicant who had absconded for 14 years, noting his clean record, prior compliance, and undertaking to cooperate in trial proceedings.
The Tribunal held that AO must recompute capital gains considering purchase cost, indexation, and stamp duty, instead of merely adding the section 50C deemed value difference.
ITAT Mumbai upholds CIT(A) decision allowing depreciation on goodwill created during amalgamation. Revenue appeals dismissed for 2018-19 and 2020-21 assessments.
