Madras High Court granted stay on payment of 10% of tax demand since the respondent/ department failed to furnish proof against alleged demand. Accordingly, order set aside and stay granted.
Delhi High Court held that in case of investment in two residential properties, exemption under section 54F of the Income Tax Act is available in respect of only one of the two residential properties. Accordingly, appeal dismissed.
Calcutta High Court held that notification dated 27 June 2022 issued by the Government of West Bengal is excessive, manifestly arbitrary and contravenes the provisions of the Constitution and the Rule of Law and also contrary to the Industrial Disputes Act 1947.
The stand of the assessee was that it was not necessary that loss of one industrial undertaking should necessarily be adjusted against the profit of another eligible industrial undertaking.
ITAT Ahmedabad held that addition of entire amount as unaccounted sales not justified since undisclosed income is required to be computed on the basis of principle of real income. Accordingly, addition of only net profit of such receipt confirmed.
Delhi High Court held that assessee is entitled to confine the settlement of disputes which were subject matter of its appeal filed before appellate authority under Direct Tax Vivad Se Vishwas Act, 2020 [DTVSV Act].
Madras High Court held that input tax credit availed and utilised is required to be repaid back on cancellation of registration in case was no evidence of sale. Accordingly, order set aside and remitted back to the file of AO.
NCLAT Delhi held that issuer raising amount by issuance of convertible debenture is clearly a ‘financial debt’ within the meaning of section 5(8) of the IBC. Accordingly, appeal dismissed.
Madras High Court held that since petitioner failed to comply with notice issued in Form DRC-01, the matter will restore back to the file of AO provided petitioner deposits 25% of disputed tax amount.
The Liquidator published Sale Notice for reserve price on 12.08.2021 fixing sale price of 6.50. No bids came hence another e-Auction Notice was issued. The Appellant submitted its e-bid in pursuance of Sale Notice 12.09.2021.
