The Court held that rejection of NBFC registration surrender solely due to meeting PBC was unsustainable without giving an opportunity of hearing. RBI was directed to reconsider the application afresh.
The Tribunal upheld reopening under Section 147 as Form 26AS reflected substantial contract receipts despite no return being filed. It ruled that such information constitutes valid grounds for belief of income escaping assessment.
The court held that interest cannot be claimed where delay in receiving rent was caused by the landlord’s own inaction. Procedural compliance for withdrawal was found essential.
The Court held that the amendment to Rule 89(5) is clarificatory and applies retrospectively to earlier refund claims. Refund denial was set aside as authorities failed to consider binding legal developments.
The Supreme Court rejected the appeal due to unexplained delay, leaving the High Court ruling intact. The decision confirms that depreciation is allowable where leased assets are used in business.
The court held that leased assets qualify for depreciation since they are used in the course of business. It clarified that physical use by the assessee is not required if leasing generates business income.
A practical guide on common mistakes that lead to rejection of subsidy claims in India, covering planning, compliance, documentation, and timelines.
ICAI released complete schedule for Foundation, Intermediate, and Final exams along with application deadlines and fees. The announcement outlines exam dates, centres, and key instructions for candidates.
The dispute involved jurisdiction of customs authorities to levy IGST on imports. The Court ruled that assessment includes all applicable taxes, rejecting the jurisdiction challenge.
The issue concerns denial of ITC to bona fide buyers based solely on supplier tagging and analytics. The key takeaway is that mechanical reliance on NGTP tags undermines lawful adjudication and harms compliant taxpayers.
