The Income Tax Appellate Tribunal (ITAT) Mumbai dismisses the Revenue’s appeal and allows bad debts declared as Non Performing Assets (NPS) before 01.04.2006 as a deduction under section 36(1)(vii) of the Income Tax Act for Abhyudaya Co-op Bank Limited for AY 2012-13.
The CESTAT Chandigarh upheld the deletion of service tax on installation commissioning services on the ground of limitation. The case involved Himachal Futuristic Communication Limited.
In the case of Rajasthan Syntex Limited vs. Commissioner (CESTAT Delhi), the issue revolves around whether the appellant is entitled to interest for the intervening period when the rebate claim, which was retained by the Adjudicating Authority illegally, was ultimately sanctioned.
The Delhi ITAT upheld that only the profit element embedded in bogus purchases can be added to the income of the taxpayer. The case involved Diamond Tradex Co. Ltd. and ACIT for A.Y. 2010-11.
In a significant ruling, the Jharkhand High Court finds that Revenue cannot issue fresh show cause notices for the same period after the accepted First Appellate Order. Learn more about the case and analysis.
In present facts of the case, the Honble Supreme Court observed that the statute enacted by Parliament or a State Legislature cannot be declared unconstitutional lightly. Further, it was held that that nullification of mandamus by an enactment would be impermissible legislative exercise.
The Allahabad High Court dismissed a petition challenging the appointment of Commissioners of Income Tax (Appeals) stating that the Act of 1961 vests jurisdiction with the Central Government for such appointments.
In the case of Devender vs. ITO, the ITAT Delhi ruled in favor of the farmer assessee, stating that no addition shall be made for cash deposited in a joint bank account by the second account holder.
ITAT held that approach adopted by NFAC merely because he granted relief in respect of one item of additions, does not mean that he can deny justice in respect of balance additions/grounds of appeal raised before him.
A detailed analysis of the ITAT Pune judgement on Dinesh Patel vs ITO involving client code modification and tax assessment.
