ITAT Ahmedabad held that revisionary proceedings under section 263 of the Income Tax Act not invocable as assessment made by AO after proper verification of evidences. Further, assessment order is neither erroneous nor prejudicial to interest of revenue.
NCLAT Delhi held that adjudicating authority, not solely relying on the resolution professional’s report, needs to conduct an independent assessment under section 100 of the Insolvency and Bankruptcy Code, 2016.
Bombay HC rules GST not applicable to Goa University’s affiliation, prospectus, migration fees, deeming them non-commercial statutory charges.
SC directs all courts to report cash claims of ₹2L+ to Income Tax Dept under Sec 269ST for scrutiny, in judgment involving R.B.A.N.M.S. Trust dispute.
The JDA was signed between one Mr. U.K. Hasanabba and Mr. U. Ibrahim on one side as landowners and Mr. Abdul Khader K (on behalf of the assessee) and Mr. K. Hussain Abbas (on behalf of the HNGC Builders and Developers).
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Bombay High Court held that demand in respect of the duty drawbacks post approval of resolution plan is liable to be waived off in terms of section 31A of the Insolvency and Bankruptcy Code, 2016. Accordingly, writ stand allowed.
ITAT Raipur that where the income of the assessee has been computed by applying a gross profit rate, there is no need to look into the provisions of Section 40A(3) of the Income Tax Act as gross profit rate takes care of expenses otherwise than by way of crossed cheque.
The assessee is engaged in the business of running a Ginning Mill and dealing in cotton. A search and seizure action u/s. 132(1) of the Income Tax Act, 1961 was conducted on the assessee on 12/02/2015.
