ITAT Mumbai held that change of method of accounting from mercantile to cash system for recording interest income on loan due to financial distress at the end of borrower is justifiable and legitimate.
Madras High Court held that disciplinary proceedings initiated against Deputy Commissioner of GST is liable to be set aside since there was no negligence or omission on the part of the petitioner.
The borrowers defaulted on loan repayment, prompting the petitioner to initiate proceedings under the SARFAESI Act. Physical possession of the property was taken on 05.12.2023.
Summit Aviation Private Limited obtained financial assistance from respondent no.3, Punjab National Bank, for the purchase of helicopters. This financial assistance was secured through a hypothecation agreement dated 12.05.2008.
CESTAT Delhi held that responsibility of the Customs Broker under Regulation 10(n) does not include keeping a continuous surveillance on the client. Thus, customs broker cannot be held responsible if client moves to new premises and doesn’t inform authorities.
Karnataka High Court held that once the dispute is referred to the Labour Court or the Tribunal, the Government will have no power to pass interim order under Section 10-B. Further, passing of interim order without hearing the management is against the principles of natural justice.
CESTAT Delhi held that FOB value is the transaction value and customs officer has no right to interfere/ modify the FOB value of the goods. Thus, appeal of exporter’s allowed and order set aside.
The assessee is a Public Sector Undertaking of Government of India and is in the business of Non-Life Insurance, The assessee offers insurance covers for large projects like power plants, petrochemical, steel and chemical plants.
During the course of search and seizure operation, several incriminating documents related to the assessee were found and seized from the residential premises of Shri Prashant Bongirwar.
Kerala High Court held that section 12AA empower the Principal Commissioner to pass order cancelling registration granted u/s. 12A of the Income Tax Act and for ordering the same Principal Commissioner is not required to await decision of Assessing Authority.
