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Market Survey report Based on Contemporaneous Import Data is not Valid: CESTAT Sets Aside Penalty under Customs Act for MisDeclaration [Read Order]

The Delhi bench of the Customs, Excise & Service Tax Appellate Tribunal(CESTAT)has held that the market survey report based on contemporaneous...

No Addition can be made u/s 153A in absence of Incriminating Material found during course of Search...

No Addition shall be made u/s 68 of Income Tax Act when creditworthiness of Loan provider through...

Every Loss of revenue as a consequence of an order of Assessing Officer cannot be treated as...

Assessment Order under Income Tax Act passed before time to file Reply to SCN expired: Delhi HC...

Non-Disclosure of Shareholding Structures as u/s 92E of Income Tax Act: Delhi HC upholds Penalty [Read Order]

The Delhi High Court upheld the penalty as there was non-disclosure of the shareholding structures as under Section 92E of the Income Tax Act, 1961. The only issue which arose for consideration...

Failure to prove Statement and Certificate filed along with Form No.67 u /r 128(8)(ii) IT Rules for claiming FTC in which Income received from Kazakhstan Employer: ITAT directs Re-Adjudication

The Income Tax Appellate Tribunal (ITAT), Pune bench, while directing readjudication in respect of Foreign Tax Credit (FTC), observed that the assessee had failed to prove the statement and...

ITAT upholds disallowance of ‘commission on sales’ for failure to demonstrate actual role played by Commission Agents in procuring sales [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench upheld the disallowance of commission on sales due to the failure to demonstrate the actual role played by the commission agents in procuring...

Denial of Request for Hearing Via Video Conferencing: Delhi HC sets aside Assessment order under Income Tax Act [Read Order]

The Delhi High Court set aside the assessment order passed under the Income Tax Act,1961 whereby the request of hearing via video conferencing was denied. The Court directed the Assessing Officer to...

Credit Entries in Saving Account Cannot be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT quashes Reassessment Proceedings initiated based on Conjectures and Surmises [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench held that credit entries in the savings account in a bank could not be treated as unexplained cash credit under Section 68 of the Income Tax Act,...

ITAT deletes Addition made towards Gift of cash amount deposited in ICICI Bank received from in laws [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench deleted the addition made towards the gift of cash amount deposited in the ICICI Bank, received from the father-in-law and mother-in-law of the...

Profit from Twin land transactions Taxable under Business Income, not Capital Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench held that income from twin land transactions is taxable under Business Income, not Capital Income. The assessee, Vasant Haribhau's assessment...

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