CESTAT Kolkata held that demand of service tax on account of non-payment of service tax under commercial training and coaching services on hostel fees received for non-residential courses, is not sustainable and hence we set aside the same. Accordingly, demand set aside and appeal allowed.
NCLT Delhi held that non-payment of outstanding lease rent falls under the ambit of ‘Operational Debt’ as defined under section 5(21) of the Insolvency and Bankruptcy Code, 2016. Accordingly, application u/s. 9 for initiating CIRP admitted.
ITAT Pune held that rectification order under section 154 of the Income Tax Act passed without providing an opportunity of being heard is bad-in-law and deserved to be set aside. Accordingly, appeal of assessee allowed.
Delhi High Court held that the benefit of exclusion of time by virtue of Explanation (ix) of Section 153B of the Income Tax Act cannot be available here as reference made for information under Indo-Swiss DTAA was invalid. Accordingly, questions to law as framed are answered against the Revenue.
ITAT Indore held that retrospective cancellation of registration granted under section 10(23C)(vi) of the Income Tax Act invalid. Amendment brought in statute via Finance Act, 2022 is prospectively effective from 01.04.2022.
Higher profit per se cannot lead to the conclusion that there is arrangement between the parties. The concept of PLI cannot per se be applied to hold that assessee has earned higher profit
ITAT Delhi held that revision under section 263 of the Income Tax Act not justified as PCIT failed to demonstrate that assessment order was erroneous and prejudicial to the interest of revenue. Accordingly, revision order quashed.
ITAT Mumbai held that the waiver of differed sales tax liability is a benefit accrued to the assessee arising out of its business hence the sum waived is taxable under section 28(iv) of the Income Tax Act. Accordingly, appeal of assessee dismissed.
NCLT Mumbai held that application under section 7 of the Insolvency and Bankruptcy Code [IBC] deserves to be admitted once it is proved that there is financial debt in respect of which default has been committed by the Corporate Debtor.
ITAT Delhi held that deeming fiction of section 2(22)(e) of the Income Tax Act cannot be attracted when loan or advances are made to person not being shareholder. Accordingly, CIT(A) rightly deleted the addition and hence appeal filed by revenue dismissed.
