1) LIBOR cannot always be rate at which Intra-Bank Transactions take place: ITAT deletes ALP Adjustment
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench deleted Arm Length Price (ALP) adjustment as London Inter-Bank Offered Rate (LIBOR) cannot always be rate at which intra-bank transactions take place.
2) Land received in lieu of Business Loan is Business Asset, not Capital Asset: ITAT
The Income Tax Appellate Tribunal (ITAT) of Chennai, chaired by Mahavir Singh, Vice President, Judicial Member, and Manoj Agarwal, Accountant Member of has ruled that the land came into the possession of the assessee in lieu of a business loan foregone in the normal course of finance business, the income earned from that land shall be a business income and not a capital gain.
3) CESTAT sets aside order as to Non-Filing of Country of Origin Certificate, on Non-Verification of Bill of Entry
The Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), set aside order as to non-filing of Country of Origin Certificate, on non-verification of Bill of Entry.
4) Fraudulent Import of Vehicles as Brand-New Vehicles: CESTAT reduces Excessive Penalty
A Single Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), reduced excessive penalty imposed on fraudulent import of vehicles as brand-new vehicles.
5) Imposing Late Fee Charges merely because of filing of Second Bill of Entry is not valid: CESTAT
The Mumbai Bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has held that imposing late fee charges merely because of filing of the second bill of entry is not valid.
6) Amount not Hit by Unjust Enrichment: CESTAT allows Service Tax Refund
The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ), Chennai Bench allowed service tax refund as it was established that the amount was not hit by unjust enrichment.
7) Advertisement Expenses incurred at the Time of Installation of Additional Machinery will result in an enduring benefit, allowable as Revenue Expenditure: ITAT
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the advertisement expenses incurred at the time of installation of additional machinery will result in an enduring benefit and are allowable as Revenue Expenditure.
8) Failure of AO in Applying Rate of Tax as per Amended Law: ITAT validates Revision Order
The Income Tax Appellate Tribunal (ITAT), Chandigarh validated the revision order as there was a failure of the Assessing Officer (AO) in applying the rate of tax as per the amended law. The assessee in the present is M/s Agya Ram Manohar Lal.
9) No Effort by AO to Send Draft Assessment Order to Correct Address: ITAT quashes Order
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), quashed assessment order on the ground that no effort has been made by Assessing Officer (AO) to send draft assessment order to correct address.
10) Filing Appeal against Penalty order Instead of Assessment Order: Calcutta HC dismisses Writ Petition
A Single Bench of the Calcutta High Court dismissed writ petition as appeal was filed against the penalty order instead of assessment order.
Source Taxscan
