The ITAT set aside the CIT(A)’s order taxing Rs. 10 lakh received from HUF, emphasizing verification of the gift and HUF status before determining taxability under section 56(2)(vii).
CESTAT Chennai held that order holding appeals to be time-barred is set aside since period spent honestly and diligently by a litigant prosecuting a proceeding before a wrong forum is to be excluded while computing limitation.
The Supreme Court ruled that ICCs can inquire into complaints against employees from different departments, ensuring procedural protections under the POSH Act are maintained for aggrieved women.
Addition of Rs. 2.82 lakh for deemed rent was maintained due to lack of credible evidence from the assessee. Loan interest is to be reconsidered after proper document submission.
Delhi High Court stayed the provisional attachment of the petitioner’s bank account, allowing filing of appeal against assessment order without further pre-deposit, pending departmental adjudication.
The Tribunal held that employer-provided business advances cannot be classified as income under Section 69A without proper verification, remanding the case for limited review of TDS and expense records.
Kerala High Court held that proceedings against petitioner [recipient] for Input Tax Credit mis-match cannot be sustained since no proceedings have been initiated against the supplier. Accordingly, proceedings initiated against recipient is not legally sustainable.
NCLT Delhi held that application under section 33(2) of the Insolvency and Bankruptcy Code for liquidation of Corporate Debtor [M/s. VHV Beverages Private Limited] is allowed as decided by Committee of Creditor [CoC]. Accordingly, the present application is allowed.
Kerala High Court held that benefit of Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) admissible even though payment was affected after cut of date as extension since payment was made within period extended on account of COVID-19 pandemic.
SEBI amends regulations for Stock Exchanges, Clearing Corporations, and Depositories, enhancing accountability of MDs, EDs, and key management personnel.
