ITAT Delhi held that intimation under section 143(1) of the Income Tax Act being passed without waiting for the response of the assessee and without providing thirty day time for filing response is not sustainable in law. Accordingly, appeal allowed.
NCLAT Chennai held that delay in filing Restoration Application in the Contempt Proceedings deserves to be condoned since the reasons given for delay appears to be reasonable. Accordingly, delay of 374 days condoned.
ITAT Delhi held that deduction under section 54F of the Income Tax Act duly available since funds are utilized within the extended period of time as per CBDT Circular No. 1/2023 dated 06.01.2023. Accordingly, appeal of revenue dismissed.
Lincon Polymers Private Limited had manufacturing facilities, one at Khatraj and one at Borisana. The Khatraj manufacturing facility was catering to domestic market whereas the Borisana facility was catering to export market.
Tribunal in the case of M/s. JSW Steel Ltd. V. Commissioner of Customs has held that “Quick Lime” is classifiable under CTH 2522 unless the chemical analysis proves that it has purity of 98% calcium oxide.
Karnataka High Court held that levy of tax on electricity charges which includes the ‘minimum tariff’ are unconstitutional as the State has no legislative competence to levy tax on ‘minimum tariff’ for the electricity which is not consumed.
NCLAT Delhi held that since the value of corporate debtor was covered by exemption issued by MCA by notification dated 07.03.2024 hence provision of section 5 of Competition Act, 2002 is not applicable, accordingly, there was no requirement of any approval from Competition Commission of India [CCI] for approval of resolution plan.
ITAT Delhi held that interest expense relating to prior period expenditure is allowable since from the financial positions and profitability declared in the financial statement, it shows that it has no tax effect. Thus, appeal allowed.
NCLAT Delhi held that since existence of financial debt and default thereon is established, the adjudicating authority has rightly admitted section 7 application under the Insolvency and Bankruptcy Code. Accordingly, appeal dismissed.
NCLAT Delhi held that application for liquidation of Corporate Debtor should be proceeded as there was sufficient ground to hold that resolution plan is not implemented. Accordingly, the appeal is dismissed.
