Supreme Court of India held that disqualification under section 29A of the Insolvency and Bankruptcy Code is without any substance as the related party had ceased to be in the helm of affairs of the corporate debtor more than a decade ago.
ITAT Mumbai held that guarantee fees paid to holding company for loan advanced by assessee to third party is commercial/ business expediency and hence allowable as deduction under Section 37 of the Income Tax Act.
ITAT Ahmedabad held that payment of guarantee fee to the Govt. of Gujarat in consideration of guarantee issued by it for repayment of unsecured loan is revenue expenditure.
Delhi High Court held that delay of 498 days in filing of an appeal under section 260A of the Income Tax Act by the department officers cannot be condoned without sufficient cause being shown.
ITAT Bangalore held that transfer of land specified as agricultural land in revenue records and which is used for agricultural operations, cannot be considered as transfer of capital asset. Hence not taxable under Capital Gains.
Karnataka High Court held that even if the tax paid is found to be less than that payable, no further demand can be made for recovery of the balance amount when a fresh assessment is barred.
Bombay High Court held that subject to doctrine of unjust enrichment, the taxes illegally levied must be refunded.
Delhi High Court held that Rule 8 of the Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules 2010 is not ultra vires to Section 3A of the Central Excise Act.
CESTAT Chennai remanded the matter back for de novo adjudication as appellant couldn’t obtain specific documents due to the outbreak of the Covid-19 pandemic.
Bombay High Court held that jurisdiction to assess/ reassess u/s 153C of the Income Tax Act in respect of unabated/ completed assessments without any incriminating material found during the search unjustified.
