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ITAT Kolkata held Long Term Capital Gain (LTCG) for sale of equity shares as bogus and accordingly not eligible to exemption u/s. 10(38) of Income Tax Act, 1961.
ITAT Hyderabad held that expenditure incurred for construction/acquisition of new facility which was subsequently abandoned at work-in-progress stage was allowable in year of write off as incurred wholly and exclusively for purpose of business.
ITAT Bangalore held that as the additional income offered is considered as business income, remuneration u/s. 40(b)(v) of the Income Tax Act is available on the same.
ITAT Pune held that as the business of amalgamating company continues uninterruptedly by amalgamated company, the benefit of carry forward and set off earned by amalgamating company is available to amalgamated company.
Held that there is no concept of deferred revenue expenditure but the assessee is entitled to depreciation on the assets so capitalized and put to use for the software services related to health care.
Patna High Court held that order is bad in law and liable to be quashed as the same was passed in violation of principle of natural justice i.e. without providing fair opportunity of hearing and order was passed e-parte without assigning sufficient reasons.
NCLAT Delhi held that scheme of compromise and arrangement is found to inflate the total payments by provisioning payment to creditors who are related to corporate debtor. Hence, impugned order allowing the Liquidator to proceed with the e-auction and not allowing any more time for consideration of the scheme proposed under section 230 of the Companies Act, 2013 is sustainable.
Office Order No. 274 of 2022 – Transfer/postings of 48 officers in the grade of Commissioners of Income Tax/Directors of Income Tax
Office Order No. 273 of 2022-Income Tax transfer/postings of 62 officers in the grade of Principal Commissioner of Income Tax/ Principal Director of Income Tax
NCLAT Chennai held that there is no specified look back period for fraudulent trading under section 66 and hence losses caused to the Creditors are recovered in the event of the Liquidation and that the Directors who caused such losses are made liable to make good such losses.
