ITAT Amritsar partly allows an appeal, reducing income addition from Rs. 3.88 lakhs to Rs. 6,000 for specified bank note deposits after SEO demonetization.
ITAT held that the delay in filing appeal was caused by genuine reasons, including the taxpayer’s age and misunderstanding of online procedures. The case was remanded to CIT(A) for fresh adjudication on merits.
Delhi ITAT held that AYs 2010–11 and 2011–12 fell outside the limitation for Section 153C and found no valid incriminating material for later years, setting aside all related assessments.
Penalties imposed on appellant and its Managing Director for allegedly availing excess duty drawback by understating freight charges in export shipping bills was set aside as appellant had not made any mis-declaration in the shipping bills filed by them, they had not rendered the export goods liable for confiscation.
Delhi High Court restored conviction of Great Indian Nautanki Co. Pvt. Ltd. for delayed TDS deposit but replaced ₹25 lakh fine with admonition, calling it a technical offence.
Bombay High Court held reassessment invalid for A.Y. 2017–18 as approval was obtained from the Principal Commissioner instead of the higher authority required under Section 151(ii).
The Court held that excess stock found during a GST survey must be dealt with under Sections 73/74, not Section 130, and quashed confiscation proceedings.
ITAT Hyderabad sent back the disallowance of Rs. 25.93 crore on pension bond adjustments and Rs. 21.92 crore on pension trust payments for verification due to contradictory claims and ITR reporting errors.
The Court ruled that GST authorities cannot simultaneously act under both Sections 129 and 130 and directed the officer to specify the chosen route within two days.
ITAT upheld reopening of assessment but allowed Section 54 exemption, ruling that construction delay due to YEIDA’s possession issues was beyond assessee’s control and thus eligible for relief.
