Patna High Court sets aside a GST penalty of ₹6.33 lakh for the 2016-17 financial year, citing the non-existence of CGST Act at the time and relying on a Supreme Court precedent.
Madras High Court dismisses UP’s petition, ruling that GST Section 130 cannot be invoked for excess stock found during survey Sections 73/74 are the correct recourse.
The ITAT Raipur ruled in favor of Kuldeep Jiwan Mahant, deleting an addition made under Section 68 for cash deposits, citing bank passbooks are not “books” for this section.
ITAT Kolkata rules in favor of Cygnus Developers, accepting share application money as genuine, citing investor company tax assessments and judicial precedents.
Telangana High Court dismisses a bookie’s appeal, affirming a Rs. 1 lakh penalty for failing to audit accounts despite a high turnover, rejecting contradictory claims.
ITAT Bangalore allows Section 54F deduction for Ramaiah Dorairaj, ruling that direct investment in a new house within the period overrides non-deposit in Capital Gains Scheme.
SEBI circular mandates portfolio rebalancing timelines for all passive breaches in actively managed mutual fund schemes, based on MFAC recommendations.
Delhi High Court dismisses plea against GST Circular 80/54/2018, citing a prior ruling that already set aside the disputed clarification on product classification.
ITAT Mumbai rules in favor of Cable and Wireless, holding that allocating shared employee costs based on headcount is a valid method, overturning the tax officer’s order.
NCLAT Delhi rules on Uttam Galva Steels case, disallowing joint operational creditor applications and lawyer issued demand notices under IBC.
