NCLAT Delhi held that Successful Resolution Applicant is entitled to relief of extension of benefit of protection of Section 32-A of the Insolvency and Bankruptcy Code to lift the attachment by Enforcement Directorate (ED) over the assets of the Corporate Debtor.
Bombay High Court held that if the party is able to show the proof of supply to SEZ Unit, then non-submission of “Bill of Export” cannot be treated as non-discharge of proof of Export Obligation.
ITAT Ahmedabad held that matter needs to be remanded back as assessee failed to furnish corroborative documentary evidence to prove cash sales during demonetization period and certain proofs were submitted only before the present tribunal.
ITAT Mumbai held that notice issued u/s. 274 r.w.s. 271(1)(c) of the Income Tax Act without specifying the particular limb is unsustainable in law. Accordingly, the penalty imposed u/s. 271(1)(c) is not sustainable.
Kerala High Court held that condonation application for delay in filing the audit report in Form-10B should have been considered without being too hyper technical and in a judicious manner.
CESTAT Bangalore held that cross-model utilisation of discount resulting into undervaluation are inadmissible under section 4 of the Central Excise Act, 1944.
ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence submitted justifying the transaction is totally unlawful and accordingly liable to be set aside.
Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary’. The same cannot be treated as capital receipt.
NCLT Mumbai held that the object of the Insolvency and Bankruptcy Code, 2016 [IBC] is not to admit a Corporate Debtor [CD] into Corporate Insolvency Resolution Process [CIRP] when there is pre-existing dispute between the parties.
Gujarat High Court held that Geo Membrane for water proof lining fabrics is classifiable under HSN Code 59111000 liable to GST @12% and not under HSN Code 39269090. Thus excess GST paid is allowable as refund.
