Mere involvement in a flagged scrip, in absence of concrete evidence of manipulation or unaccounted funds, could not justify taxing bonafide transactions. Therefore, the additions under sections 68 and 69C were unsustainable.
The NCLT Mumbai has ruled that Section 14 of the IBC does not prevent banks from classifying a company’s account as fraud, even while the Corporate Insolvency Resolution Process (CIRP) is pending. The tribunal dismissed a petition by the Resolution Professional of Rolta India.
ITAT Bangalore condones a 349-day delay in a tax appeal, citing the assessee’s illiteracy and issues with his former auditor’s email. The case is sent back for fresh assessment.
In a case pending since 2009, Court held trial court wrongly allowed fresh plea at argument stage; clarified plaintiff may argue contentions before final decision.
In the case of LRS and Co., the Madras High Court ruled that a GST demand order (DRC-01D) must be quashed once the full dues are paid. The court ordered the State Tax Officer to pass a new order for proper appropriation and refund any excess payment.
The Delhi High Court has granted an extension for an arbitral tribunal’s mandate, even after the 12-month period expired, citing a Supreme Court precedent and a pending corporate insolvency case.
When there were 650 noticees, obviously, the generation of DRC-07 for each of the noticees could take some reasonable time so long as the order had been communicated through e-mail or post or other modes as contained in Section 169 of the CGST Act.
he ITAT Mumbai ruled in favor of NK Infra JV a partnership firm directing the removal of a 37% surcharge and cess incorrectly levied by the CPC on an income below the ₹50 lakh threshold.
The Delhi High Court has transferred a winding-up petition against Madhusudan Auto Limited to the NCLT, aligning with a Supreme Court ruling on jurisdiction.
Chhattisgarh High Court rejects bail for Anush Kumar Gangwani in a ₹5.53 crore GST fraud case, citing ongoing investigation and severity of the economic offense.
