ITAT Mumbai held that income from the shareholders’ account was held to be taxable as income from life insurance business. Accordingly, income from shareholders’ account is taxable under the head “Profits and Gains of Business or Profession”. Thus, appeal of revenue dismissed.
Guwahati High Court sets aside GST summary notices for procedural flaws, mandates proper show cause notice and hearing under Section 73.
Delhi High Court held that valuation of unquoted equity shares held by the assessee by Discounted Cash Flow [DCF] method is permissible under rule 11UA(2) of the Income Tax Rules. Accordingly, appeal of revenue dismissed.
Delhi High Court dismisses revenue’s appeal against CESTAT’s Spicejet Ltd. order, ruling that service tax issues on CENVAT credit and excess baggage fall under Supreme Court jurisdiction.
Delhi High Court dismisses revenue’s appeal against CESTAT, ruling that cases involving service tax chargeability must be heard by the Supreme Court, not the High Court.
Delhi NCLT rejected Imperial Banquets & Dining’s insolvency application, stating it aimed to evade government dues owed to DTTDC, not genuine resolution.
Kerala High Court upholds ruling that factual disputes under KVAT Act are not suitable for writ jurisdiction, directing assessee to statutory appeal while ensuring supplier clarification is verified.
CESTAT Delhi held that EPCG Scheme exemption notification no. 102/2009-Cus dated 11.09.2009 in respect of sericulture industry exempts importer from requirement of maintaining average level of export, however, requirement of export obligation is not exempted.
Madras High Court declines to quash GST SCN for Tvl. Sri Sai Company but orders tax department to furnish unshared verification report, ensuring natural justice.
NCLAT Delhi dismisses Anuj Goyal’s appeal, affirming CoC’s right to conduct multiple challenge mechanisms for corporate debtor’s value maximization.
