Karnataka High Court held that the rent received by leasing out residential premises for the purpose of students, staff and teachers would not be exigible / amenable to GST. Accordingly, order is set aside and present petition is allowed.
ITAT Chennai held that where unaccounted purchases are found and the corresponding sales are not doubted, only the profit element embedded in such purchases can be brought to tax, and not the entire purchase value. Accordingly, addition towards unaccounted purchases duly restricted.
ITAT Delhi held that gift of a property to wife specially when she is a co-sharer in the property cannot be considered to be a colourable device and camouflage transaction to taint claim of Section 54F of the Income Tax Act. Accordingly, deduction u/s. 54F erroneously disallowed.
Supreme Court held that acquittal in a parricide case upheld due to lapses in investigation. It was held that overzealous investigation is as fatal to prosecution as are the lethargic and the tardy. Accordingly, the appeal is dismissed.
CESTAT Mumbai held that re-determination of assessable value of imported power bank without adequate evidence of undervaluation is not justifiable. Accordingly, order is set aside to that extent it had confirmed the adjudged demands on the basis of revised/enhanced valuation of goods.
Supreme Court held that in the absence of multiple State objects in the bye-laws of the Societies, the same cannot be treated as Multi-State Cooperative Societies, as statutory pre-conditions for invoking Section 103 of Multi-State Cooperative Societies Act, 2002 are absent.
Supreme Court held that seniority of direct recruit is to be counted from the date of their initial appointment and not from the date when they were put on probation. Accordingly, present appeals are allowed and order of High Court set aside.
ITAT Delhi held that while selecting the comparables transactions or entities, in case of international transactions, the basis should be one of similarity with the control transactions/entities and mere broad similarity is not sufficient.
Supreme Court held that public servant can be duly convicted under the Prevention of Corruption Act, 1988 on the basis of evidence inspite of the fact that co-accused is acquitted of conspiracy charges.
Supreme Court held that section 66 of the Companies Act, 2013 doesn’t require mandatory obtaining or circulating of formal valuation report from an approved/registered valuer for reduction of share capital.
