Madras High Court sets aside GST order for not considering Perfect Assayers Pvt Ltd’s GSTR 1 and GSTR 9 statements. Case remanded for reconsideration.
In Section 56(2)(viib) of Income Tax Act, Assessing Officer’s wide discretion on valuation faces constraints from rules and tribunal judgments. This article explores three issues: changing valuation methodology, challenging FMV due to lack of documents, and rejecting Discounted Cash Flow based on cash flow variations.
Discover the Assessing Officer’s authority to challenge valuations under Section 56(2)(viib). Learn about valuation methods, legal precedents, and implications for businesses.
Madras HC rules in favor of PKV Agencies, directing the Appellate Deputy Commissioner to accept GST appeal despite procedural delays in submitting certified copies.
ITAT emphasized that under the accrual system, provisions for outstanding expenses can indeed be recognized based on estimates and do not require exact certainty at the time of accrual. The fact that the statutory auditors had approved the financial statements without qualification further supported Culver Max’s position that these provisions represented ascertained liabilities within the framework of accrual-based accounting.
Read about NCLT’s ruling on the appointment of a Resolution Professional under IBC Section 97(5) in the case of Siri Kishan Aggarwal.
Delhi High Court halts Income Department’s further actions on reassessment order under Section 148A(d). Full text of the judgment and detailed analysis.
Madras High Court remands tax order for Tvl. Dharieneesh Housing, citing denial of reasonable opportunity to contest GSTR-3B and GSTR-2A mismatch.
Madras High Court directs a rehearing for Tile Bros, citing procedural lapses in GST order. Petitioner gets another chance to explain tax discrepancies.
Rajasthan High Court quashes a commercial tax assessment order by citing violation of natural justice due to lack of reasoning, emphasizing judicial accountability.
