NCLAT Delhi held that post approval of resolution plan both by CoC and the adjudicating authority, it cannot be reopened on the basis of claims being belatedly agitated by the appellant. Thus, admission of claim rightly rejected by adjudicating authority.
The appellant/writ petitioner was under Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 initiated by the National Company Law Tribunal, Kochi.
ITAT Mumbai held that disallowance of claim of depreciation in respect of 3G spectrum charges is not justified. Accordingly, depreciation on 3G spectrum charges allowed under section 32(1)(ii) of the Income Tax Act.
Bombay High Court held that order passed without granting an opportunity of being heard is passed against the principles of natural justice and accordingly, is liable to be quashed. Thus, petition is allowed and orders are quashed.
ITAT Chandigarh held that mere statement recorded during the search cannot be treated as incriminating document and hence addition on the basis of the same is not sustainable. Accordingly, appeal of the assessee allowed.
Andhra Pradesh High Court held that notification no. 9 of 2022, Central Tax (Rate) is effective only from 18.07.2022 and hence refund on account of inverted duty structure is admissible for period prior to 18.07.2022 and restricted for period after 18.07.2022.
Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material is not sustainable since retracted statement cannot be termed as incriminating material. Hence, appeal of revenue dismissed.
Calcutta High Court held that GSTR-9 returns should also be considered in case the Input Tax Credit (ITC) not reflected in GSTR-3B. Accordingly, matter restored for re-adjudication by considering GSTR-9 return.
ITAT Chennai held that exemption under section 11 of the Income Tax Act is allowable inspite of certain errors while filing form 10B since the claim is supported by audited financials, revised audit report and revised computation.
ITAT Delhi held that disallowance under section 14A of the Income Tax Act is liable to be deleted in as much as fresh investment is made out of sufficient own interest free funds in the shape of reserve and capital.
