This article examines the tenability of levy of interest u/s 234B in cases of excess refund claimed by taxpayers under the Income Tax Act, 1961.
NCLT Mumbai held that the Resolution Plan submitted by Univastu India Ltd. which was approved unanimously by the members of the Committee of Creditors (CoC) and which meets the requirements of law deserved to be approved.
Bombay High Court held that after the recognition of the first charge of the assessee as a secured creditor, the charge of the Sales Tax Department to recover the sales tax dues would be valid.
NCLT Delhi subject to the observations, approved the Resolution Plan in respect of Arena Superstructures Private Limited (Corporate Debtor) as the Resolution Plan has been approved by the CoC with 71.11% of the members voting and is in accordance with the law.
In the case of Jayant vs. State of Madhya Pradesh, the Supreme Court clarifies a magistrate’s powers in handling offences under the MMDR Act and the IPC, allowing partial appeal by the violators.
In the case of Smt. Aruna Tiwari Vs. PCIT, the ITAT Raipur ruled that a non-est assessment order cannot be revised by the CIT under Section 263 of the Income Tax Act.
Bombay High Court held that the amount of tax refunded to the Petitioner, including interest, is to be reduced while determining the amount of disputed tax under KVSS as the Petitioner had not disclosed and calculated tax properly.
CESTAT Chennai held that the appellant was eligible to clear rough castings to their sister concern on payment of duty on the assessable value based on comparable prices of goods cleared by them to non-related buyers. Provisions of rule 8 of CVR 2000 applicable only w.e.f. 01.12.2003 after amendment by notification no. 14/2012-CE (NT) dated 22.12.2003.
In a tax case of Rajesh Poddar Vs ITO, the Bombay High Court set aside the order and directed re-adjudication due to failure in providing reasons for reopening the assessment.
The J&K High Court ruled that trust registration under section 12AA cannot be denied solely for generating surplus profit. Read the full judgment here.
