ITAT Raipur held that since order passed by Pr. CIT u/s. 263 is quashed the addition made by AO u/s. 143(3) r.w.s 263 does no more survive. Therefore, appeal of the assessee allowed and addition made by AO liable to be quashed.
NCLAT Delhi held that remote access to ERP to directors being engaged in competing business cannot be denied unless there is tangible evidence of misuse of company information by such directors. Accordingly, appeal stand disposed.
NCLT Mumbai held that application under section 7 of the Insolvency and Bankruptcy Process for initiation of Corporate Insolvency Resolution Process [CIRP] against Wind World (India) Infrastructure Private Limited [Corporate Debtor] admitted since Financial Creditors have proved existence of debt and default.
Madras High Court held that petitioner has placed on record sufficient evidence proving financial capability of partners for capital contribution. Accordingly, order set aside and matter remanded back for reconsideration.
CESTAT Kolkata held that Customs Broker cannot be held responsible for violations of overvaluation committed by exporters. Accordingly, order revoking license of Customs Broker cannot be sustained. In the result, appeal is allowed.
ITAT Hyderabad held that cash deposit on account of family settlement needs to be proved with documentary evidences like family settlement deed or relinquishment of property right etc. Matter restored with direction to assessee to submit relevant proof.
ITAT Ahmedabad held that deduction u/s. 35(1)(ii) of the Income Tax Act rightly disallowed since donation was given to Arvindo Institute of Applied Scientific Research Trust whose approval expired on 31.03.2006. Accordingly, appeal of assessee dismissed.
ITAT Pune held that sum has been received for work relating to interior and other finishing work and total consideration is received through banking channel. Hence, there is no violation of section 269SS of the Income Tax Act. Hence, penalty u/s. 271D not leviable. Accordingly, appeal of revenue dismissed.
ITAT Raipur held that addition towards unexplained credits on estimated basis should be the average GP rate from the preceding 3 years. In the present case the same is taken as 5% without any basis. Accordingly, matter restored back to file of AO.
ITAT Hyderabad held that condition of investment to the corpus donation in mode prescribed under section 11(5) of the Income Tax Act is effective only from 01/04/2022. Hence the said condition is not applicable in the relevant year. In the result, appeal of assessee is allowed.
