The Bombay High Court held that multiple GST show-cause notices for the same issue and period cause harassment, quashing an order-in-original due to an ongoing DGGI investigation.
Supreme Court held that Framework for Revival and Rehabilitation of Micro, Small and Medium Enterprises does require MSME to notify the lending bank by producing authenticated and verifiable documents/material to show its eligibility to get the benefit of the said Framework.
This case study examines the validity of a Resolution Professional’s actions under the IBC, 2016. It analyzes if an RP can convene a meeting based on a request from a CoC member with less than 33% voting rights and if a notice of less than 24 hours is legally permissible.
This case study examines if SEBI can forfeit an open offer escrow account for non-compliance with the Takeover Regulations, and details the conditions for the release of these funds.
The ITAT Lucknow tribunal clarifies that charitable trusts can utilize accumulated income without first spending their current-year income, as per Section 11(2).
The CBDT has amended its instruction on the Black Money Act raising the exemption for prosecution to ₹20 lakh for certain foreign assets effective from October 1, 2024.
The ITAT Lucknow tribunal rules that an accommodation entry provider can only be taxed on its commission income, not the entire amount of routed funds, a clarification of Section 68.
Lucknow ITAT confirms penalty under section 271B, ruling that a taxpayer is responsible for timely tax audit completion and report submission, and blaming the CA is not a valid defense.
Considering that the matter is at the stage of framing of charge and the trial has to begin, the Court is not passing any observation in this regard. However, for the purposes of this assessment, these set of circumstances do not persuade the Court that ECIR needs to be quashed.
Chhattisgarh High Court held that the petitioner would not be entitled for Input Tax Credit [ITC] to electrical energy consumed for maintenance of its township since it is not in the course or furtherance of business in terms of section 2(17) r.w.s. 16(1) of the CGST Act.
