Madras High Court modified the conditions for provisional release of goods [Viscose Knitted Fabric] due to alleged undervaluation and misclassification and directed to pay entire declared duty; 50% of differential duty and execute bond of specified sum.
The ITAT ruled that the AO and CIT(A) erred by mechanically raising a default demand simply because commission was paid to a non-resident. The Tribunal stressed that full compliance evidence (Form 15CB, Form 27Q, DTAA analysis) must be examined before classifying the assessee as a defaulter.
The ITAT Ahmedabad, applying the Supreme Court’s Rajeev Bansal ruling and Gujarat High Court’s precedent, invalidated a reassessment for AY 2017-18. The order u/s 148A(d) and fresh u/s 148 notice, stemming from a deemed notice issued on 30.06.2021, were held time-barred as they were issued 20 days beyond the maximum seven-day ‘surviving time’ limit.
The ITAT deleted the addition, ruling the CIT(A)’s rejection of agricultural income based solely on bank deposits not tallying bill-to-bill was arbitrary and illogical. Once the genuine agricultural activity was accepted, timing differences or cash accumulation must be considered.
The ITAT deleted a capital gains addition, ruling that the use of an individual’s PAN during a property sale cannot legally override clinching documentary evidence proving ownership by an HUF and a Trust. Legal ownership (Will, sale deed, bank receipts) prevails over a mere technicality.
The ITAT confirmed the revision, ruling the AO’s failure to restrict the deduction to the DSIR-approved amount in Form 3CL was an error contrary to the amended law, causing prejudice to the revenue. Post-2016 amendments make this verification mandatory.
The ITAT Chandigarh quashed a revision, holding that when the Assessing Officer (AO) conducts a proper enquiry, the PCIT cannot substitute their judgment merely because they desire a deeper verification. The ruling establishes that inadequate enquiry is distinct from lack of enquiry, and only the latter justifies revision.
The SAFEMA Tribunal dismissed a bank’s appeal, ruling that PMLA attachment of mortgaged property overrides secured rights under the SARFAESI and RDB Acts. The decision affirms the Supreme Court’s NSEL verdict that secured creditors lack priority over assets attached as proceeds of crime.
The ITAT Ahmedabad remanded Dhananjay Tradelink Pvt. Ltd.’s case for fresh assessment, directing the AO to reverify ₹14.39 crore in unsecured loans and creditors under Section 68.
The Tribunal deleted an addition of capital gains, noting the AO’s error in taxing the entire sale consideration in one co-owner’s hands when her actual share was minimal and below the basic exemption limit.
