Section 44 of the IBC outlines NCLT’s powers to reverse preferential transactions, restore assets, and protect good-faith third parties in insolvency proceedings.
ITAT Ahmedabad allows Khedbrahma Taluka Primary Teachers Co-op. Credit Society Ltd. 80P deduction despite a minor delay in IT return filing, citing technical glitches and statutory interpretation.
The ITAT Delhi has allowed an 80IC deduction for Mantangi Rubber Pvt. Ltd. despite a 46-minute delay in return filing, deeming Section 80AC directory and emphasizing justice.
The Delhi High Court has ruled against the “negative blocking” of Electronic Credit Ledgers, citing that such actions exceed the scope of Rule 86A of the CGST Rules.
Mumbai ITAT rules in favor of M.K. Shelters, quashing income additions for multiple years. The tribunal cited insufficient evidence linking the dormant firm to alleged cash transactions and noted critical procedural errors by the Assessing Officer in the reassessment.
ITAT Mumbai rules cash deposits in SBNs during demonetization, with explained sources, cannot be treated as unexplained income, citing judicial precedents.
Mumbai ITAT dismisses Section 68 addition on NICAF LLP, clarifying that Section 47(xiiib)(f) violations relate to capital gains, not unexplained credits, in company-to-LLP conversions.
The Bombay High Court dismissed a tax appeal in PCIT vs. Hans Chemicals, reaffirming that revised CBDT monetary limits apply to pending cases, leading to disposal.
Bombay High Court orders ₹19.44 lakh reward for Darshan Singh Parmar, an informant whose tips led to significant tax recoveries, after a decade-long battle with the Sales Tax Department.
Delhi High Court quashes CIT order, condoning delay in e-verifying Form 10B for Kotak Family Foundation, emphasizing justice over technicality in tax exemptions.
