The Tribunal held that the entire unaccounted turnover from alleged on-money receipts cannot be treated as taxable income. It ruled that reasonable hidden expenditure must be considered while estimating profits.
The Madras High Court set aside a GST assessment order that was issued before the expiry of the time granted for responding to a reminder notice. The matter was remanded after directing payment of 10% of the disputed tax demand.
The NCLT initiated bankruptcy proceedings after finding that the personal guarantor failed to submit a repayment plan during the insolvency resolution process. It held that the statutory requirements under the Insolvency and Bankruptcy Code had been substantially complied with.
The ITAT held that foreign exchange gains arising from realization of export proceeds from services rendered to associated enterprises are operating in nature for transfer pricing purposes. It directed verification by the Assessing Officer and corresponding computation of the arm’s length margin.
ITAT Ahmedabad held that a taxpayer cannot avoid responsibility for earlier failures to respond merely because the final notice was sent to a different email address. However, the matter was remanded for fresh consideration on merits.
The Tribunal held that compensatory interest under Section 234B could not be charged when seized cash exceeding the tax liability was already in Revenue’s possession. It directed complete deletion of the interest.
ITAT Delhi sustained a Section 69A addition on demonetisation-period cash deposits after finding 539 identical cash sale vouchers lacked credibility. The Tribunal held that the assessee failed to satisfactorily establish the genuineness of the sales and deposits.
The Tribunal held that the CIT(A) had incorrectly applied the principle relating to assessments of non-existent entities without examining the factual circumstances of the firm’s conversion into a proprietorship. The matter was remanded for further inquiry.
ITAT sustained the adoption of fair market value under Section 50C after finding that seized cash represented on-money from property transactions. The Tribunal upheld the valuation determined through the DVO process.
CESTAT Chennai held that concessional CVD on imported cement cannot be denied merely because 50 kg bags carried printed RSP. The Tribunal ruled that the department must establish actual retail sale or misuse of the exemption.
