The Court clarified that Section 74 cannot be invoked against bona fide purchasers when the supplier had valid registration and paid due taxes at the time of sale.
ITAT Delhi invalidated a reassessment under Sections 144/147, citing mechanical approval by authorities and incorrect statutory references. The ruling reinforces that higher authorities must apply proper legal mind when granting sanction under Section 151.
ITAT observed that applying an upper turnover filter is essential in transfer pricing cases where the assessee’s turnover is much lower. It ordered exclusion of big IT majors from the comparable list and directed fresh computation of ALP.
Imagine your Board approves a major acquisition at 6 PM on a trading day. How soon must the stock exchange be informed? For listed companies, the answer lies in Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) – the cornerstone of timely and transparent disclosure of material events. This article […]
ITAT Mumbai deleted a penalty under Section 271(1)(c) because the notice failed to specify whether it targeted concealment of income or inaccurate particulars. The ruling highlights the need for clarity in issuing tax penalties.
This notice highlights how incomplete documents lead to repeated queries and slower assessments. It mandates comprehensive uploading and linking of all required records to ensure faster clearance and reduced dwell time.
The Indian government imposes anti-dumping duty of USD 121.55/MT on hot-rolled flat steel from Vietnam to prevent injury to domestic industry. Goods from Hoa Phat Dung Quat Steel JSC are exempt.
ITAT Mumbai held that no extrapolation can be done on estimation basis in absence of any incriminating material. Accordingly, addition rightly deleted by CIT(A). Thus, order of CIT(A) upheld and appeal of revenue dismissed to that extent.
Telangana High Court held that order passed under GST without considering grounds urged by the petitioner is not sustainable. Accordingly, order set aside and matter remitted back for fresh consideration.
NCLT Chennai held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor (Soundararaja Mills Limited) admitted as twin condition i.e. debt and default fulfilled.
