Explore the ITAT Pune ruling on the disallowance of car expenses incurred by a private limited company for personal use by directors, citing relevant case law and legal principles.
Explore the ITAT Ranchi ruling on penalty imposition for non-audit of books, analyzing the distinction between maintenance and audit requirements under Sections 44AA and 44AB of the Income Tax Act.
ITAT Kolkata held that addition of sales reversal entry alleging the same as unexplained expenditure is unjustified and unsustainable in law.
ITAT Mumbai held that penalty u/s 271(1)(c) of the Income Tax Act unsustainable as entire addition is made on estimation basis and at no point of time it is proved that assessee has concealed the particulars of income or has furnished inaccurate particulars of income.
Punjab & Haryana High Court refused to quash the FIR filed against the Secretary of Red Cross as several irregularities committed in the process of awarding an order to the firm owned by the daughter of the Secretary.
Bombay High Court held that since the Commissioner failed to complete the assessment for the relevant years within a period of ten years of issuing the initial notice in Form-H, the notice is quashed.
CESTAT Mumbai held that products Zymegold Plus and Dripzyme are classifiable under CTH 3101 as Fertilizer and not as Plant Growth Regulator.
ITAT Chandigarh held that disallowance of expenses u/s 14A read with Rule 8D is unwarranted on the premise that the investment in shares were stock-in-trade.
ITAT Delhi held that PCIT is not empowered to invoke revisionary proceedings u/s. 263 of the Income Tax Act, merely because he is not agree with the view taken by the AO. Accordingly, revisionary proceedings bad in law.
CESTAT Delhi held that if the Bank officials despite verification are not able to detect the fraudulent nature of the documents, how can one expect from CHA who is not even a public official to unearth the dubious plan of the exporter.
