Punjab and Haryana High Court refused to de-freeze bank account of company alleged to have dishonestly induced individuals/ investors to invest in cloud particles thus involved in scheduled offences under Prevention of Money Laundering Act, 2002.
Madras High Court held that Section 10-A of the Insolvency and Bankruptcy Code, 2016 cannot be extended to cases where default continued beyond moratorium period. Hence, application under section 7 for initiation of CIRP acceptable.
ITAT Delhi held that interest on enhanced compensation under section 28 of Land Acquisition Act, 1894 is not exempt u/s. 10(37). Such interest is exigible to tax u/s. 56(2)(viii) r.w.s. 145B(1). Accordingly, appeal of the assessee dismissed.
Karnataka High Court held that delay in filing of income tax returns results into imposition of penalty and prosecution. Payment of penalty for delay in filing return doesn’t exonerate petitioner from being prosecuted.
Karnataka High Court held that in case of service of retreading tyres, service tax is payable only with respect to the service component under the Finance Act. Service tax is not payable on the entire gross value. Hence, petition partly allowed.
Madras High Court directed granting of one final opportunity of being heard as demanded by assessee on payment of 10% of the disputed taxes under GST. Accordingly, order set aside and matter remanded back.
Kerala High Court held that issuance of notice for imposition of penalty under section 271B for failure to furnish audit report after more than four years of completion of assessment is barred by limitation as per section 275(1)(c) of the Income Tax Act.
Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It has more than 3800 members comprising of Advocates, Chartered Accountants, and tax practitioners.
ITAT Delhi held that the expenditure incurred on CSR activities may not have direct nexus with the activities of the assessee but it may have indirect and may bring goodwill to the assessee.
ITAT Mumbai held that sale of Dangerous Goods Regulations manuals could not be characterised as ‘royalty’ within the meaning of Article 12(3) of the India-Canada tax treaty. Accordingly, addition towards sale of manuals is deleted.
