Judgement

Court strikes down additions under Section 115JA; clarifies “reserve” vs. “provision” distinction

Bombay HC: Provision for Doubtful Debts Not a Reserve Under Section 115JA; Book Profits Cannot Be Increased

The High Court directed the GST Department to process the refund and pay the amount along with interest from the date of the application (12.06.2019) within two months.

GST: Delhi HC Orders Refund with Interest as Deficiency Memo Missing; Allows Delayed Appeal on First Claim

ITAT Mumbai allows 10% variation between purchase price and stamp duty value for AY 2017-18, granting retrospective relief under Section 56(2)(vii)(b).

ITAT Allows 10% Variation in Property Value for AY 2017-18 Under Section 56(2)(vii)(b)

Delhi High Court upholds CESTAT ruling directing refund of excess customs duty to Nokia, accepting CA certificate as valid proof of no unjust enrichment.

Delhi HC Orders Refund of Excess Customs Duty to Nokia; CA Certificate Enough to Prove No Unjust Enrichment

HC interprets “a residential house” in Section 54 to include more than one unit before 2014 amendment; assessee is entitled to full relief on seven row houses

Income Tax: Bombay HC allows Exemption under Section 54 Allowed for Multiple Houses Purchased Before 2015

Articles

The IT department has identified cases of some Jewellers switching from the approved FIFO to the Prohibited LIFO method for inventory valuation.

IT Dept. Crackdowns Jewellers Who Disobey Accounting Rules

IT Dept. Crackdowns Jewellers for manipulating Accounting Rules

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