ITAT Chennai held that estimating income at 8% of turnover was excessive where the assessee’s accounts were tax-audited and past profit history reflected lower margins. The Tribunal restricted the addition by adopting a 4% profit rate based on the facts of the case.
The NCLAT held that unregistered profit-sharing agreements do not create leasehold or occupancy rights in immovable property. The tribunal upheld eviction of the occupant from the corporate debtor’s hotel premises during CIRP.
While approving the resolution plan, NCLT clarified that exemptions relating to taxes, duties, and statutory compliances must be obtained from the competent authorities separately. Approval of the plan does not itself waive statutory liabilities.
The Tribunal restored the matter to the Assessing Officer after finding that transfer pricing adjustments may have been added twice while computing the assessee’s income. The issue requires fresh examination after granting an opportunity of hearing.
The First Appellate Authority noted that the CPIO exceeded the statutory RTI timeline by one day. However, since the requested closure letter had been furnished, no further action was considered necessary.
The IBBI held that prolonged failure to hold SCC meetings, delayed progress reporting, and repeated absence before the Adjudicating Authority amounted to serious professional misconduct. The order underscores the importance of strict adherence to statutory duties under the insolvency framework.
Allahabad High Court ruled that unlawful police custody directly infringes fundamental right to life and liberty under Article 21. It awarded compensation and allowed recovery from responsible police officer, reinforcing accountability for abuse of power.
This guide explains why senior travellers should review travel insurance coverage, organise medical records, and plan ahead before overseas trips. Proper preparation can simplify responses during covered medical emergencies abroad.
The article explains how local Indian phone numbers enhance credibility and accessibility for international businesses. It highlights that trust signals and reduced communication barriers can improve customer engagement and conversions.
ITAT Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim. The inability to satisfactorily explain the acquisition of shares led to denial of exemption under Section 10(38) and confirmation of the addition under Section 68.
