Explore the RBI’s 2023-24 report on Indian banking. Key trends include asset quality improvements, profitability growth, and robust capital adequacy across financial sectors.
Punjab & Haryana High Court sets aside notice under Section 148 in Mohan Jit Singh case, following prior judgments in similar cases.
Delhi High Court allowed the petition for waiver of mandatory pre-deposit under section 35F of the Central Excise Act, 1944 since demand qualifies the test of rare and exceptional case. Thus, writ allowed.
NCLAT Delhi held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does in no manner either shall suspend the default committed by the Corporate Debtor or preclude the Financial Creditor to proceed with Section 7 application.
ITAT Ahmedabad restores appeal to CIT(A) for de novo adjudication, ruling that the appeal was filed within the prescribed time frame.
Orissa High Court dismisses writ petition in Iot Utkal Energy Services Ltd case, allowing petitioner to pursue statutory appeal before CESTAT.
ITAT dismisses Duddu Nomeshwar’s appeal as withdrawn, allowing reinstatement if Vivad Se Vishwas Scheme application is rejected by Revenue.
Assessee was also expected to be vigilante in so far as assessment proceedings were concerned. Most of the time assessee went in slow motion and avoid proceedings by not responding to notice(s) of Department, not appearing before AO, not following up with CA/Advocates.
According to the PCIT the quantum of disallowance as per Rule 8D works out to 1,98,36,285/- as against which the AO made disallowance of Rs. 86,88,523/- which has resulted into under assessment of income.
ITAT rules that cash loans advanced in earlier years cannot be taxed under Section 68 in a subsequent year, overturning the AO’s protective assessment.
