ITAT found that reopening relied on wrong bank deposits, incorrect assessee details, and a mechanical sanction under section 151. The reassessment under sections 144/147 and the ₹15 lakh unexplained cash addition were deleted.
Supreme Court condoned a 524-day delay after noting inefficient internal procedures and repeated scrutiny steps. The ruling stresses need for streamlined administrative processes in filing appeals.
The ITAT found the AO’s valuation incorrect, emphasizing that FMV must be determined on the date of transfer, leading to the restoration of the long-term capital loss for the Assessee.
Karnataka High Court quashed several notices, assessment orders, and bank garnishments issued under sections 148A, 147, 156, and 226(3), allowing the cooperative federation’s petition.
The Tribunal directed AO to compute Section 14A disallowance only for investments generating exempt income, following Rule 8D. The decision reinforces the need for precise calculation of disallowances against exempt income.
held that a rice-koji beverage lacking malt cannot be classified as beer under Heading 2203. Ruling places product under Heading 2206 as an other fermented beverage.
NCLAT Delhi held that order holding Successful Resolution Applicant as ineligible is wholly erroneous and unsustainable since SRA duly satisfied all the of CIRP Regulations. Accordingly, impugned order is quashed and set aside.
The case examines whether various plastic and metal support components qualify as mechanical items eligible for reduced BCD under an amended exemption notification. The authority evaluates the manufacturing processes and functional characteristics of the parts to determine eligibility.
ITAT Jaipur held that approval granted under section 153D in a mechanical and consolidated manner without due application of mind is invalid. Accordingly, assessment orders framed under section 153A cannot be sustained.
The Court quashed the order rejecting the condonation of delay, emphasizing that human error and professional reliance justify acceptance of late audit filings.
