Delhi High Court held that once addition on the basis of which reasons recorded for reopening of assessment under section 147 of the Income Tax Act has been deleted, then, other addition made are not sustainable in law. Accordingly, appeal allowed.
NCLT Mumbai held that the Advance received by the Corporate Debtor against future supply of goods is an Operational Debt. Petition u/s. 9 of Insolvency and Bankruptcy Code admitted since Corporate Debtor failed to pay operational debt.
ITAT allows co-operative society’s appeal for 80P(2)(a)(i) exemption, stating registration under Co-operative Societies Act prevails without RBI license.
Karnataka High Court allows ESOP discount as deductible expense under Section 37 for Biocon Ltd. Revenue’s appeal dismissed for AY 2004–05.
ITAT Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan repayment.
ITAT Kolkata held AO’s order under Section 144C(13) was passed beyond limitation; quantum appeal allowed, stay application dismissed.
ITAT Delhi upheld tax addition under Section 68 as assessee failed to prove identity and creditworthiness of investors in high-premium share transactions.
ITAT Kolkata orders AO to remove ₹3.09 crore adjustment, citing CPC error and CIT(A)’s failure to rectify factual mistake in ITR.
Delhi ITAT dismisses revenue’s appeal, holding cash advance for property purchase intended as investment not subject to Section 40A(3) disallowance.
Bombay High Court dismisses Anil Ambani’s urgent plea against a tax notice, imposes ₹25,000 cost for creating artificial urgency.
