Liquidator, in discharge of duties under Section 35, was entitled to take custody and control of the assets of the Corporate Debtor forming part of the liquidation estate and recover outstanding dues.
The Bombay High Court held that the reassessment notice under Section 148 was issued after the surviving limitation period expired. As a result, the entire reassessment proceedings and assessment order were quashed.
The Bombay High Court ruled that limitation under Section 201(3) must be calculated based on the financial year in which each quarterly TDS statement is filed. The decision confirms that annual or cumulative computation of limitation is not permitted.
The Maharashtra Budget 2026–27 emphasizes welfare schemes, infrastructure development, and agricultural relief. Major announcements include power bill waivers for farmers and large investments in transport and rural development.
The court held that auction sale of a partially constructed building on an “as-is-where-is basis” is a transfer of immovable property. Such transactions fall under Schedule III of the CGST Act and are not subject to GST.
A detailed numerical illustration shows how the Cost Plus Method determines ALP for manufacturing transactions. The transfer price exceeded the permissible tolerance range, resulting in a transfer pricing adjustment.
Courts clarify that input tax credit cannot be denied merely because a supplier’s GST registration was cancelled retrospectively. Authorities must examine the genuineness of the buyer’s transactions and supporting documents.
ITAT Delhi held that reassessment proceedings under Section 147 cannot be initiated while scrutiny assessment under Section 143(2) is still pending. Such parallel proceedings are without jurisdiction and render the entire reassessment order invalid.
RBI’s draft directions introduce stronger customer protection for electronic banking fraud, including both unauthorized and authorised-but-fraudulent transactions. The new framework shifts the burden of proof to banks and introduces a compensation mechanism.
The Gujarat High Court granted bail after observing that the accused’s role was mainly related to compliance activities and he did not appear to be a major participant in the alleged GST fraud.
