ITAT Delhi held that violation of section 40A(3) sustained as the reply provided by the assessee is hypothetical and non-satisfying.
ITAT Bangalore held that bad debts relating to non-rural branches are allowable under section 36(1)(vii) of the Income Tax Act.
ITAT Hyderabad held that provisions of section 56(2)(viia) of the Income Tax Act are attracted on shares received by the assessee company on account of amalgamation.
ITAT Raipur held that mere non-reference by AO about the cash transaction entered into by the assesse doesn’t render the assessment order passed by AO as erroneous and prejudicial to the interest of revenue. Accordingly, revisional proceedings u/s 263 unjustified.
CESTAT Ahmedabad held that rejection of declared value in terms of rule 12 of the Customs Valuation Rules, 2007 solely on the basis of various letters of different authorities without examining contemporaneous NIDB data is unsustainable in law.
In the case of J. Kishorekumar Vs ITO, Madras High Court examines tax notices issued to deceased assessee’s legal representative, offering detailed insights into legal implications and proceedings.
ITAT Cochin held that benefit of deduction of 7.5% of the total income is available to co-operative banks under clause (viia) of section 36(1) of the Income Tax Act.
CESTAT Ahmedabad’s verdict on customs valuation rules regarding Kumar Impex’s appeal against reassessment of imported goods’ value under Rule 12.
ITAT Hyderabad held that non-generation/ non-quoting of Document Identification Number (DIN) in the order will render the order invalid and will be treated as never to have been issued.
Gujarat High Court held that in case reopening of assessment based on material which satisfied to harbour reasons to believe that there was escapement of income, then, such reopening of assessment is justifiable.
