NCLAT Chennai held that delayed filing of scheme of compromise u/s. 230 of the Companies Act cannot be condoned since there was no procedural flaw in conducting the auction till the stage it was finalized by the issuance of the sale certificate.
ITAT Delhi held that denial of exemption u/s. 11 of the Income Tax Act by invoking provisions of section 13(1)(c) without any material brought on record to substantiate that salary paid to members were excessive.
ITAT Mumbai orders DVO reference in Fakhruddin T. Malik case, ruling AO erred by not valuing disputed property despite assessee’s request.
Supreme Court dismissed the Union of India’s appeal, upholding the Gujarat High Court’s ruling that ‘fusible interlining fabric’ is not under Chapter 59 for GST.
Gujarat High Court quashed an advance ruling, reclassifying fusible interlining fabric of cotton under Chapters 50-55, 58, or 60 instead of Chapter 59.
SC clarifies limits of High Court’s writ powers in IBC cases and recognises Indian CIRP as foreign main proceeding in cross-border insolvency case.
West Bengal AAR clarifies GST on water quality service contracts for Sunanda Environmental, distinguishing pure services from composite supplies and their tax implications.
Calcutta High Court remands GST case due to unconsidered taxpayer reply. Court emphasizes fair hearing, directs fresh adjudication and personal hearing for appellant.
Calcutta High Court directs reconsideration of GST refund for a closed business, stating credit to bank account, not electronic ledger, is appropriate.
The IFSCA outlines a new framework enabling Venture Capital and Restricted Schemes in IFSCs to co-invest via Special Purpose Vehicles (SPVs), allowing for leverage. This offers a structured approach for fund managers.
