ITAT Raipur held that AO has passed the final assessment order u/s.143(3) r.w.s. 153B(b) of the Act without seeking a prior approval of the same by the Jt. CIT u/s. 153D of the Income Tax Act and hence the order so passed is liable to be quashed.
NCLAT Delhi held that CoC decision to liquidate the Corporate Debtor is acceptable as corporate debtor has no assets and thus CIRP Period only implies zero returns. Thus, adjudicating authority order accepting liquidation upheld.
The assessee is into development and construction of a project. The case was selected for scrutiny and AO issued notices u/s 142(1) and 143(2) of the Act, calling for certain details.
ITAT Mumbai held that disallowance under section 40(a)(ia) of the Income Tax Act unjustified when reimbursement of expenses is considered as receipts in total income and tax is paid on the same therefore no disallowance in terms of proviso to section 201.
ITAT Ahmedabad held that the development rights in the land were not the land itself and, therefore, the provision of section 50C of the Income Tax Act was not applicable on transfer of development rights in the land.
NCLAT Delhi held that distribution of liquidation proceeds has to be in proportion to the admitted claim of secured creditors as per section 53(1) of the Insolvency and Bankruptcy Code and the same cannot be on the basis of security interest of different secured creditors.
ITAT Chennai held that revisionary proceedings under section 263 of the Income Tax Act for invoking penalty provisions u/s. 270A(9)(e) without issue of intimation under section 143(1)(a) of the Income Tax Act is unjustifiable and untenable in law.
Madras High Court held that issuance of confiscation notice under section 130 of the TNGST Act justifiable since officials had formed clear cut prima facie opinion that gold jewellery were transported for purpose of sale with intention to evade payment of tax.
There has been contraventions of provisions of the GST Act for which the petitioner is liable to make good the non-payment and also suffer penal consequences for the same.
ITAT Bangalore held that matter of rejection of registration under section 12AB of the Income Tax Act is liable to be restored back to CIT(Exemptions) for granting one more opportunity as assessee failed to represent its case properly before the authorities.
