Supreme Court held that development right of a defaulting developer do not constitute ‘asset’ or ‘property’ of corporate debtor. Further, since the said development agreement stood terminated prior to initiation of CIRP no subsisting or enforceable right survived in favour of corporate debtor.
ITAT Delhi held that rebate and concession in fees to poor student claimed as donation is in accordance with object of the trust and hence deletion of disallowance of donation by CIT(A) is justifiable. Accordingly, appeal of revenue dismissed.
Tripura High Court held that an order accepting bond under section 88 of the Code of Criminal Procedure [CrPC]from the accused doesn’t amount to a grant of bail. Accordingly, the present bail application is disposed of.
NCLAT Delhi held that Prospective Resolution Applicant or unsuccessful Resolution Applicant doesn’t have vested right to challenge a resolution process or an approved resolution plan. Accordingly, appeal is dismissed.
NCLAT Chennai grants extended period of 60 days to make full and final payment for execution of Scheme of Arrangement. Accordingly, order is quashed and extension of 60 days is allowed.
Rajasthan High Court held that discretionary remedy claimed by the petitioner not granted as it is a case which involves fraudulent availment of GST Input Tax Credit exceeding Rs. 100 Crore. Accordingly, writ petition dismissed.
ITAT Pune held that rejection of application for registration under section 12A read with section 12AB of the Income Tax Act since exorbitant fees are being charged and profiteering is not allowed in educational institutes. Accordingly, appeal of assessee dismissed.
ITAT Lucknow held that part of commission income from sugar mills cannot be taxed since other part of commission income has already been allowed for deduction under section 80P of the Income Tax Act. Accordingly, addition of part of commission income set aside and appeal allowed.
ITAT Delhi held that addition towards unexplained cash deposit under section 69A of the Income Tax Act is not sustainable since the same is out of the cash sales and both cash book and books of account justifies the same. Accordingly, appeal is allowed.
Gujarat High Court held that recommendation of name of Chartered Accountant from the Register of Member based on disciplinary committee report quashed as report was merely a cut-paste job without any independent finding.
