ITAT Hyderabad held that once the resolution plan is approved by the NCLT and the Company has been sold on going concern basis, whatever claims made before the Liquidator is final and all past or existing liabilities shall extinguish. Accordingly, matter restored back to re-examine claim made before liquidator.
Held that the statutory right of a Financial Creditor bestowed u/s. 7 of the ‘IBC’ cannot be curtailed to any ‘Inter-Creditor Agreement’ or Consortium agreement executed between the lender banks, as the same was only for regulating the inter se affairs of the consortium and the OTS proposal cannot be claimed by a borrower as a matter of right.
The ITAT in Surya Kant Gupta vs. ITO deleted an income addition, ruling that cash withdrawals can explain deposits and the 60% tax rate doesn’t apply retrospectively.
Delhi High Court rules that the EOW is the correct agency to investigate GSTIN misuse and impersonation, not merely forward complaints to GST authorities.
Delhi High Court rules on GST: delayed DRC-07 upload doesn’t void orders, email service is valid, and consolidated SCNs for fraud cases are permitted.
ITAT Delhi held that applicability of section 115BBE of the Income Tax Act without initially fixing the addition under any of the charging provisions i.e. section 68, 69, 69A, 69B, 69C and 69D of the Income Tax Act is not tenable in the eye of law. Accordingly, appeal allowed.
A summary of new rules for businesses regarding GST rate changes. Learn about mandatory MRP revisions, compliance, and legal obligations after GST 2.0.
The Supreme Court establishes a 4-step test for High Courts to quash frivolous criminal complaints, citing a false rape case and the need to prevent abuse of the legal process.
The ITAT Delhi quashed a tax assessment against Melody Enterprises, ruling that the approval granted under Section 153D was mechanical, invalid, and lacked proper scrutiny.
ITAT Delhi quashes a reassessment for Sulekh Chand Jain, holding that the Rohtak Assessing Officer lacked territorial jurisdiction, making the proceedings invalid.
