Delhi High Court held that prior testimony inadmissible under section 33 of the Indian Evidence Act, 1872 since prosecution didn’t prove that witness is unavailability for post charge cross-examination. Accordingly, appeal is dismissed.
Supreme Court held that commercial wisdom of Committee of Creditors [CoC] is non-justiciable. Stalling CIRP on account of settlement proposal without approval by CoC is not justifiable.
NCLAT Chennai amendment application in company law matter not allowable since the order doesn’t record any reasoning. Accordingly, order stand quashed and question of maintainability is remitted back to be considered afresh.
Gujarat High Court held that the respondent officer could not have assumed jurisdiction for reopening the assessment since there was nothing which indicate that petitioner has participated knowingly in the sham transaction. Accordingly, order is quashed and set aside.
ITAT Mumbai held that requirement of Form no. 3CL for weighted deduction under section 35(2AB) of the Income Tax Act is effective only from AY 2016-2017. Accordingly, denial of claim for pre-amended period is not justifiable. Thus, appeal is allowed.
Calcutta High Court held that violation of principles of natural justice and erroneous order cannot be reason for bypassing the statutory remedy of appeal under section 76 of the Andaman and Nicobar Islands Value Added Tax Regulation, 2017. Accordingly, writ petition stands dismissed.
Supreme Court held that Spectrum allocated to Telecom Service Providers [TSPs] and shown in their books of account as an “asset” cannot be subjected to proceedings under Insolvency and Bankruptcy Code, 2016 [IBC].
ITAT Mumbai held that the provision for leave encashment made on actuarial basis constitutes an ascertained liability and is allowable as deduction. Accordingly, the said ground is allowed.
ITAT Mumbai held that provisions of section 56(2)(x) of the Income Tax Act have no applicability on conversion of Optionally Convertible Cumulative Redeemable Preference Shares into equity shares. Accordingly, addition made by invoking section 56(2)(x) cannot be sustained. Thus, appeal is allowed.
Bombay High Court held that issuance of summons under section 70 of the Central Goods and Services Tax Act, 2017 [CGST Act] for inquiry do not constitute illegal detention. Accordingly, present petition stands dismissed.
