Karnataka High Court held that levy of interest u/s. 50 of the Central Goods and Services Tax Act, 2017 on delayed filing of return not justified as cash is deposited to Electronic Cash Ledger on or before the due date and the amount towards tax by way of Electronic Credit Ledger was available in the Electronic Credit Ledger.
ITAT Chandigarh held that passing of final assessment order under section 153A of the Income Tax Act without issuing draft assessment orders under section 144C of the Income Tax Act is untenable. Accordingly, final assessment order u/s. 153A is quashed.
Calcutta High Court held that West Bengal Industrial Development Corporation’s [WBIDC] demand for transfer fee in relation to leasehold lands acquired via resolution process. Accordingly, the present appeal is dismissed.
ACC Limited Vs State of Bihar (Patna High Court) Patna High Court held that packing materials namely gunny bags and HDPE bags are integral part of cement sales hence cannot be charged separately. Consolidated sales tax rate of 11% is applicable. Accordingly, appeals stand dismissed. Facts- The appellant, M/s ACC Limited, is a company incorporated under […]
Karnataka High Court held that mere change in route, without intention to evade tax, cannot attract penalty under section 129 of the KGST Act. Accordingly, order passed is illegal, arbitrary and contrary to law and hence petition is allowed.
Delhi High Court held that strict adherence to the procedural requirements under the SARFAESI Act and Rules 8 and 9 of the SARFAESI Rules cannot be insisted, as the sale of the secured asset was undertaken with the unequivocal consent of the borrowers. Accordingly, appeal is allowed.
NCLAT Delhi held that intention to defraud creditors of Corporate Debtor was based on documentary evidence, accordingly, all the ingredients under section 66 of the Insolvency and Bankruptcy Code are attracted. Thus, appeal lacks merits and hence dismissed.
ITAT Chandigarh held that initiation of revisionary proceeding under section 263 of the Income Tax Act for non-verification of notional interest cannot be justified since notional interest is not liable to be taxed in current year but is taxable only upon maturity hence there cannot be any evasion of tax.
Calcutta High Court held that the right of redemption retained with the borrower under section 13(8) of SARFAESI Act till the Sale is confirmed and sale certificate is issued. Accordingly, revisional applicable is liable to be set aside.
Chhattisgarh High Court held that there is no illegality or irregularity in sanctioning loans on the same day since no rule prohibited such sanction. The prosecution has not established any dishonest intention on the part of the Branch Manager at the time of sanctioning the loan.
