The NCLT refused to dispense with the transferee company’s shareholders’ meeting, holding that shareholders should evaluate the implications of the recent acquisition and proposed amalgamation despite the subsidiary being wholly owned.
The NCLT approved the takeover of minority shareholding after finding that all procedural and statutory requirements under the Companies Act had been complied with. The Tribunal held that the Scheme was fair, reasonable, and legally compliant.
The ITAT held that Section 69A could not be invoked as the director was not the owner of the unaccounted cash generated through over-invoicing. The Tribunal upheld deletion of the addition while affirming that the company owned the cash.
The Calcutta High Court set aside the order denying Input Tax Credit and directed fresh adjudication, holding that the issue must be reconsidered in light of earlier Division Bench judgments concerning retrospective cancellation of a supplier’s GST registration and entitlement to ITC.
The ITAT Delhi held that the assessee could not claim deduction under Section 54 for the first time before the Tribunal when it had neither been claimed in the return nor during assessment proceedings. The Tribunal also upheld the remand of the Section 50C issue to the Assessing Officer.
The Gauhati High Court held that partners can face personal penalty under Section 122(1A) for pre-2021 transactions as the provision identifies the liable person rather than creating a new offence. The Court ruled that “any person” includes partners who retained the benefit of fraudulent transactions.
The Madras High Court held that ITC cannot be denied solely due to the absence of lorry receipts, weighment slips, or e-way bills when the supplier was registered and had discharged the GST liability. The Court directed a fresh examination based on the complete evidentiary record.
The Supreme Court upheld the Bombay High Court’s ruling that assignment of long-term leasehold rights in immovable property is not a taxable supply under the GST law. The decision confirms that such transfers are not liable to GST due to the absence of a business nexus and their character as transfers of immovable property rights.
The article explains that while the government has statutory powers to regulate Telegram, a blanket ban may be unconstitutional if less restrictive alternatives are available. It highlights the Supreme Courts proportionality doctrine as the governing standard.
The Income Tax Department is using AI, data analytics, AIS, and PAN-based verification to identify incorrect HRA exemption claims. The article explains common reasons for scrutiny, new compliance requirements, and ways to avoid rejection.
