DCIT Vs Hindustan Clean Energy Ltd. (ITAT Delhi) Project Terminated, Shares Worth Zero – ITAT Allows ₹68 Cr Capital Loss & Strikes Down 68 Addition A 90MW hydropower project was allotted by the Himachal Pradesh Govt. to HPPPL in 2009, which paid ₹18 Cr upfront fees. A project company MHEPCL was formed, shares were moved […]
IFSCA invites comments on proposed changes to credit restrictions for advances to directors and company buy-backs under the Banking Handbook.
The ITAT Delhi fully dismissed the Revenue’s appeal, confirming the deletion of both the Rs.8.09 Cr peak credit addition and the Rs.49.54 Lakh interest disallowance after the assessee proved the sufficiency of own capital and commercial expediency. Consequently, the assessee’s cross-objection against the validity of the reassessment was dismissed as infructuous, reinforcing that no addition can be sustained without adequate proof of unexplained income.
This article analyzes if judicial rulings (including Supreme Court’s ‘Arise India’) that declared ‘seller non-payment’ clauses unconstitutional under VAT Acts should apply to similar ITC conditions under GST, like Section 16(2)(c).
A tax consultants body requests a GSTR-3B filing deadline extension for September 2025 to October 30, citing Diwali closures, new GST 2.0 system implementation, and regional weather disruptions.
The ITAT struck down the Rs. 8.19 crore addition made by the AO under Section 56(2)(viib) by ignoring the assessee’s share valuation based on the Net Asset Value (NAV) method. The decision affirms that the AO lacks the authority to substitute their own value when a recognized method under Rule is used, and the underlying asset valuation is further corroborated by a higher DVO valuation.
The Tribunal held that a mechanical, same-day approval for 43 cases under Section 153D vitiated the entire search assessment proceedings under Section 153A. The assessment was quashed for lack of valid approval, emphasizing the necessity of independent application of mind by the approving authority.
BCAS urges GSTAT to add a dedicated dashboard for Authorized Representatives to streamline case tracking, enhance transparency, and improve digital efficiency.
Madras High Court held that penalty under section 50 of the Foreign Exchange Regulation Act [FERA] is not applicable since unrealised export proceeds is less than 10%. Accordingly, writ appeals are allowed and order is quashed.
Gujarat High Court held that rejection of declaration in Form No. 1 under DTVSV Scheme, 2024 since manual appeal is filed by NRI petitioner is not justifiable. Accordingly, communication rejecting declaration in From N0. 1 quashed and set aside.
