ITAT Delhi held that multiple residential units on same floor is construed as single residential house for purpose of exemption under section 54 of the Income Tax Act. Accordingly, exemption u/s. 54 allowed and addition deleted.
Delhi High Court held that Customs Broker failure to oversee the clearance and the warehousing of the goods imported with intention to re-export leading to diversion of the goods in the domestic market is a clear violation. However, suspension of license for 13 months is sufficient.
ITAT Kolkata upholds Rs.17.10 crore penny stock addition against Narayan Suppliers Pvt Ltd, flags money laundering, and directs case referral to ED and CBI for further probe.
ITAT Chennai invalidated reassessment in Pawan Cargo Forwards’ case due to notice issued by JAO, not FAO, violating the CBDT’s 2022 faceless scheme. Penny stock addition deleted.
India’s ban on bank-led M&A financing is under review. As deals rise, experts urge RBI to permit banks to fund strategic acquisitions under strict regulations.
The Chennai Customs Office announces that all refund applications, including those based on court orders, must now be submitted electronically through the ICEGATE portal. This is a step towards digitizing customs processes by mid-2026.
NCLT Chennai held that as per section 128 of the Indian Contract Act, the liability of guarantor is coextensive with that of the Borrower. Accordingly, application u/s. 7 of Insolvency and Bankruptcy Code against Corporate Guarantor admitted.
NCLT Ahmedabad admitted CIRP application under section 7 of the Insolvency and Bankruptcy Code by Central Bank of India [Financial Creditor] against M/s. Repute Foods Pvt. Ltd. [Corporate Debtor] as debt and default established.
CESTAT Delhi held that customs authorities cannot question the discharge certificate issued by DGFT in respect of the export obligation in respect of EPCG License. Accordingly, confiscation of goods and imposition of penalty set aside.
SC dismissed an appeal by tax authorities, upholding a trader’s claim that purchases were tax-exempt as they were made for out-of-state principals.
