The Bombay High Court ruled that GST authorities cannot create a negative balance in the Electronic Credit Ledger while blocking ITC under Rule 86A.
Mumbai ITAT upheld ₹10.76 crore addition after rejecting selective identification of physical shares for capital gains computation. The Tribunal termed the arrangement a “colourable device” to suppress taxable gains.
The Tribunal observed that official salary documents issued by the employer and Income Tax Department showed salary income of only ₹4.67 lakh. The incorrect figure in the return was therefore held to be a typographical mistake requiring rectification.
Mumbai ITAT restored appeals dismissed for 179-day delay after observing that the assessee had relied bona fide on his Chartered Accountant. The Tribunal granted another opportunity in the interest of justice and fair play.
The Calcutta High Court held that deduction and deposit of TDS constituted acknowledgment of a loan transaction and jural relationship. The Court granted interim protection after finding the respondent’s denial of liability inconsistent with its stand before Income Tax authorities.
The ITAT Chandigarh ruled that receipts from sale of fly ash constituted taxable business income as they arose directly from the assessees power generation activity. The Tribunal held that subsequent credit to a statutory fund amounted only to application of income.
The CCPA held that failure to disclose the specific courses attended by successful NEET and IIT-JEE candidates amounted to concealment of material information. The authority imposed a ₹5 lakh penalty and directed discontinuation of the advertisements.
The ITAT held that CSR expenditure disallowed as business expenditure under Section 37(1) can still qualify for deduction under Section 80G if statutory conditions are satisfied. Revision under Section 263 was accordingly quashed.
The ITAT ruled that accepted sales necessarily imply corresponding purchases, even if sourced through the grey market. The addition was therefore restricted to estimated profit instead of the full purchase amount.
The ITAT Chandigarh held that additions under Section 68 could not be sustained where the Assessing Officer failed to conduct independent inquiry or verification of creditors. The Tribunal deleted additions relating to sundry creditors and business transactions supported by documents and banking records.
