International Financial Services Centres Authority (Authority) hereby specifies the reporting norms for Fund Management Entities (FMEs) in IFSCs
Assessee was entitled to claim interest on delayed refund must be payable from the date of deposit till the date of payment.
ITAT Delhi held that reassessment proceedings initiated u/s 147 of the Income Tax Act unsustainable as sufficient enquiry was made by AO on the impugned transaction and hence it tantamount to change of opinion on part of AO.
ITAT Delhi held that penalty u/s 271(1)(b) of the Income Tax Act not imposable as reasonable cause shown for non-furnishing of consent form sought by AO.
Delhi High Court held that the Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Second Amendment Rules, 2008 coming into force from 20.10.2008 hence the amendments are not applicable to search conducted prior to effective date.
NCLT Indore directed appointment of a forensic auditor to conduct audit on irregularities related to assets of corporate debtor in case of Motel Rahans Pvt Ltd Vs JSM Devcons Pvt Ltd.
Constitutional Writ Jurisdiction of HC cannot act as an assessing officer and scrutinize facts/evidence & substitute the same with its own
Jharkhand High Court ruled that presumption under Section 24 of Prevention of Money Laundering Act can only be rebutted during trial stage
In the case being analyzed, the Delhi High Court referred to Explanation (i) to Clause (b) of Section 245A to determine whether the proceedings for assessment or reassessment had commenced for the assessment years 2012-13, 2013-14, and 2014-15. The court concluded that based on a plain reading of the explanation, no such proceedings had commenced during those years. As a result, the court upheld the decision of the Income Tax Settlement Commission to deem the petitioner’s application under Section 245C(1) invalid for those assessment years.
Jharkhand HC held that cancelled GST registration can be revoked until June 30, 2023, as per the notification issued by CBIC.
