The Court held that the issue was covered by its earlier ruling on Section 55A. It upheld the deletion of long-term capital gains addition and rejected the Revenue’s challenge to the DVO reference.
CESTAT Chennai held that exports made under Notification No. 30/2004-CE and the DEPB scheme cannot be included in exempted turnover for Rule 6(3A) credit reversal. The Tribunal consequently set aside the demand for alleged short reversal of CENVAT credit.
The Calcutta High Court set aside cancellation of GST registration and granted the taxpayer four weeks to file pending returns and clear dues. The ruling emphasizes providing an opportunity to regularise compliance where revenue interests are not adversely affected.
The Gujarat High Court upheld deletion of an addition relating to alleged bogus capital gains. The Court found that shares held for over a decade as genuine investments could not be treated as penny stock transactions.
The Gujarat High Court upheld deletion of a loss disallowance after finding that contract notes, banking records, and trading documents supported the genuineness of the share transactions. The Court held that no substantial question of law arose.
The pharmaceutical business in India is one of the most sensitive and highly regulated sectors because it deals directly with medicines, healthcare products, public safety, and human life. Whether a business wants to open a medical store, start a wholesale medicine distribution business, manufacture pharmaceutical products, or operate a pharmacy chain, obtaining a Drug License […]
The petition challenged a common Section 74 notice and adjudication order covering FY 2018-19 to FY 2023-24. The High Court stayed the operation of the adjudication order pending further proceedings.
The Court examined whether a predicate FIR is necessary before the ED can act under the PMLA. It held that inquiry proceedings and summons under Section 50 can be initiated even without a prior FIR or complaint.
The article explains how Compulsorily Convertible Preference Shares are governed by corporate, tax, and FEMA regulations. The key takeaway is that accurate valuation is critical to satisfy both regulatory and tax requirements.
The article examines cases where GST appeals filed beyond statutory timelines were revived through writ jurisdiction. The key takeaway is that constitutional courts may intervene to prevent gross injustice.
