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2023-TIOL-NEWS-155 Part 2 | July 04, 2023

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INCOME TAX

2023-TIOL-820-ITAT-DEL

ACIT Vs Heritage Beverages Pvt Ltd

Whether provisions of Section 68 will apply where credit entries relevant to the investment in share capital and share premium do not relate to the relevant assessment year - NO: ITAT

- Revenue's appeal dismissed: DELHI ITAT

2023-TIOL-819-ITAT-KOL

ACIT Vs Semall Impex Pvt Ltd

Whether additions framed u/s 68 on account of unexplained cash credit are sustainable where no cash was found to have been transferred to the assessee's account - NO: ITAT

Whether as per Section 2(m) of SEZ Act, the entire turnover is to be treated as export turnover - YES: ITAT

- Appeal partly allowed: KOLKATA ITAT

2023-TIOL-818-ITAT-MUM

Medley Pharmaceuticals Ltd Vs DCIT

Whether AO should consider the enhanced profits in light of the CBDT circular - YES: ITAT

- Assessee's appeal allowed: MUMBAI ITAT

 

 

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