Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
In reassessment proceedings under s.147, issuance of notice under s.143(2) was held not mandatory where no return was filed in response to notice under s.148; the challenge to reassessment on this ground was rejected. Professional fees were held not taxable on accrual where the assessee consistently followed cash basis and the amounts, though reflected in Form 26AS with TDS, were not actually received during the relevant year; the addition was directed to be deleted. Deduction under Chapter VIA was directed to be allowed since it had been accepted in original and reassessment proceedings and supporting evidence was on record. - ITAT
In reassessment proceedings under s.147, issuance of notice under s.143(2) was held not mandatory where no return was filed in response to notice under s.148; the challenge to reassessment on this ground was rejected. Professional fees were held not taxable on accrual where the assessee consistently followed cash basis and the amounts, though reflected in Form 26AS with TDS, were not actually received during the relevant year; the addition was directed to be deleted. Deduction under Chapter VIA was directed to be allowed since it had been accepted in original and reassessment proceedings and supporting evidence was on record. - ITAT
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