CIT(Appeals) failed to admit the additional evidences which went to the root of the matter for determining the issue of taxability of long term capital gains as was made by AO ignoring the submissions of assessee. Therefore, the case was remanded to AO for fresh assessment, with liberty to assessee to furnish evidence.
Delhi High Court provides interim relief, stating GST penalty under Section 122(1A) cannot be applied retrospectively for pre-2021 transactions.
ITAT Pune quashes assessment where AO shifted grounds without fresh notice u/s 148. Reinforces need for proper procedure in reassessments.
Understand secured creditor rights under IBC Section 52 during liquidation: relinquish security to the estate or realize independently. Learn procedures and obligations.
Gujarat High Court held that entire addition towards bogus purchases not justifiable accordingly, addition at the rate of 6% of the bogus purchases is fair and reasonable. Accordingly, appeal of revenue dismissed.
NCLAT Delhi held that default occurred on 25th March 2023 which is well beyond the outer limit of section 10A of the Insolvency and Bankruptcy Code, 2016 which squarely brings the claim within the permissible scope of Section 7 of the IBC. Thus, admission of section 7 application justified.
NCLAT Chennai held that resolution professional is permitted to issue fresh Form G and to invite Expression of Interest (EoI) from new and interested eligible Prospective Resolution Applicants subject to the stipulations that the CIRP process has to be completed in a time bound manner.
Supreme Court held that entry tax u/s. 3 of the Madhya Pradesh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam, 1976 [Madhya Pradesh Entry Tax Act] is leviable on sale of goods to State Warehouse. Accordingly, civil appeals are dismissed.
Calcutta High Court held that internal Comparable Uncontrolled Price [CUP] is most appropriate method in determining Arm’s Length Price [ALP] for sale of power by Captive Power Plant to non-eligible units of the assessee. Accordingly, appeal of revenue dismissed.
Calcutta High Court held that fixed monthly AC charges is an essential component of “rent” thus rent goes beyond the ceiling limit and thus is excluded from the purview of the West Bengal Premises Tenancy Act, 1997. Hence, appellant is entitled to a decree of eviction.
