Calcutta High Court directed the assessing officer to apply the net profit rate as ordered by the Tribunal to the entire receipts i.e. disclosed and undisclosed.
ITAT Ahmedabad held that once similar Long Term Capital Gain offered and exemption claimed by the co-owner is already accepted by the revenue, another co-owner (assessee) entitled for similar relief.
ITAT Delhi held that the deemed valuation of Section 50C of the Income Tax Act cannot be invoked as the said section is applicable in the case of seller of the property only while the appellant is a buyer.
CESTAT Mumbai held that legality or admissibility of credit can only be question to the Input Service Distributor, since at the receiver end no detail would be available regarding the nature of services.
NCLAT Delhi held that appeal filed under section 7 of IBC becomes infructuous as recommendation of CoC to liquidate the company is pending for consideration before the Adjudicating Authority.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 5th December, 2022. Insurance Regulatory Development Authority of India (Other Forms of Capital) Regulations, 2022 F. No. IRDAI/Reg/8/187/2022.—In exercise of the powers conferred by Section 6A (1) (i) and Section 114A (2) (db) of the Insurance Act, 1938, section 26 of the Insurance Regulatory and […]
CESTAT Ahmedabad held that services provided by an active party to the joint venture is not covered within Business Support Service. Work was assigned on the basis of co-developer and not an agent. Accordingly, service tax not payable.
CESTAT Delhi held that services by way of carrying out any process amounting to manufacture or production of goods, falls under the negative list and is exempted from the levy of service tax.
CESTAT Mumbai held that for the purpose of determination of limitation the relevant date in case of services availed will be challans showing the date of payment within one year.
Delhi High Court held that the Income Tax Act, 1961 provides an able machinery for assessment/reassessment of tax, the Assessee is not permitted to abandon with the machinery and invoke writ jurisdiction of the High Court under Article 226 of the Constitution of India.
