NCLT Chandigarh held that since resolution plan in respect of Nav Jyoti Agro Foods Private Limited meets requirement of section 30(2) of the Insolvency and Bankruptcy Code, 2016 the same stands approved as filed by the resolution professional.
ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whether the shares are held as investment or stock-in-trade. Thus, here since shares are held as investments, gains are taxable as capital gains.
The Adjudicating Authority by the impugned order rejected MA No.03 of 2023. The Adjudicating Authority held that non-compliance by the Appellant of Regulation 21A, sub-regulation (2), the assets of Haldia Unit has become the Liquidation Estate of the CD.
The Respondent had preferred applicaton under Section 66 of the Code wherein Respondent Nos. 1-2 are the suspended directors and the Nos. 3-5 are promoters qua the CD and the Applicants herein are arrayed as Respondents No. 6-9.
Delhi High Court held that section 153C of the Income Tax Act doesn’t required AO to find or uncover a relationship or an association between the searched and the non-searched person.
ITAT Mumbai held that the very basis of which the Assessing Officer formed the belief that the income liable to tax is escaped assessment was based upon incorrect understanding of the facts and is, therefore, not sustainable in the eyes of law.
Delhi High Court held that once addition on the basis of which reasons recorded for reopening of assessment under section 147 of the Income Tax Act has been deleted, then, other addition made are not sustainable in law. Accordingly, appeal allowed.
Delhi High Court held that matters having financial liabilities or penal consequences cannot be kept unresolved for years. Thus, show cause notice issued in 2013, 2014, 2015, 2016 and 2018 adjudicated vide order issued in 2024 is liable to be quashed.
ITAT Kolkata held that assumption of jurisdiction to impugned assessment under faceless assessment scheme prior to 29.03.2022 when provisions of section 151A of the Income Tax Act had not come into operation is not sustainable and without jurisdiction. Accordingly, appeal of assessee allowed.
Gujarat High Court held that issuance of notice u/s. 143(2) of the Income Tax Act, after six months from the end of financial year in which return u/s. 139(1) was filed, is barred by limitation and cannot be sustained.
