NCLT Mumbai held that resolution plan for Latakisan Construction P. Ltd. as submitted by Successful Resolution Applicant stands approved as approved by 100% Committee of Creditors. Accordingly, resolution plan is allowed.
Madras High Court held that JDA executed in 1994, however, sale/ transfer of capital asset was taken place only in March 1999 when the sale deed was executed. Accordingly, capital gain was rightly offered for AYs 1999-2000 and hence exemption u/s. 54 rightly claimed.
Delhi High Court held that bail application in fraudulent investment scheme is allowed since the applicant has satisfied the twin conditions as envisaged under section 45 of the Prevention of Money Laundering Act, 2002. Accordingly, the bail application is admitted.
ITAT Ahmedabad held that upward transfer pricing adjustment on account of corporate guarantee fee given to Associate Enterprise is not sustainable based on settled orders of Co-ordinate bench of Tribunal in earlier years. Accordingly, appeal of department dismissed.
ITAT Surat held that addition on account of bogus Long Term Capital Gain under section 68 of the Income Tax Act is not sustainable since the impugned scrip i.e. Kyra Landscapes Ltd. is not in the list of shares in the investigation report in case of project bogus LTCG/STCL. Accordingly, appeal of department dismissed.
Gujarat High Court held that detaining of bulk liquid cargo of Distillate Oil is liable to be quashed detaining since cloud point is not a significant parameter in as much as other significant parameters are satisfied.
CESTAT Chennai held that notifications and circulars issued under the Customs Act, 1962 cannot take away the benefit which is otherwise available under the Foreign Trade Policy [FTP] and Handbook of Procedure [HBP].
Delhi High Court held that application of income tax department for release of FDR towards tax liability not entertained until conclusion of trial under Prevention of Money Laundering Act, 2002 [PMLA] since PMLA has an overriding effect over the provisions of Income Tax Act.
ITAT Pune held that provision of interest on loan from state government is ascertained liability and hence couldn’t be disallowed under section 37 of the Income Tax Act. Accordingly, the appeal is allowed.
Punjab and Haryana High Court held that transfer of case from Chandigarh to Panaji under section 127 of the Income Tax Act to centralize the assessment of all connected or linked persons at one place is justifiable. Accordingly, the present petition is dismissed.
