ITAT Chennai held that addition under section 69A of the Income Tax Act towards cash deposits not reflected in bank account details cannot be sustained since the income doesn’t belong to assessee in the individual status but the income belong to HUF of the assessee.
NCLT Allahabad held that application under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against M/s. LDR Developers Private Limited [Corporate Debtor] admitted as debt and default proved.
Andhra Pradesh High Court held that single GST show cause notice cannot be passed in relation to more than one tax period of either a month if the assessment is taken up before the due date for filing of the annual return or for more than one year if the due date for filing of annual return has been reached.
Karnataka High Court held that in terms of section 142(7)(b) and 142(8)(b) of the KGST Act all types of amounts refundable are to be refunded back in cash without there being any distinction between cash deposit or ITC/ECL deposit. Accordingly, 70% pre-deposit made through ITC/ECL is to be refunded in cash.
Supreme Court held that speculative investors cannot be permitted to trigger CIRP as this would undermine revival, destabilise projects, and prejudice genuine homebuyers. Accordingly, orders, setting aside admission of the Section 7 applications, stand affirmed.
Supreme Court held that customs duty exemption provided vide notification no. 151/2009-Cus dated 31-12-2009 is available on import of G Watch (Smart Watch) from the Republic of Korea. Accordingly, the appeal is allowed.
NCLAT Delhi held that demand of EPFO raised on the basis of inspection report dated 10.05.2023 and assessment order dated 25.09.2023 which is subsequent to initiation of CIRP on 17.02.2023 cannot be sustained. Accordingly, appeal set aside.
Rajasthan High Court held that department is under a statutory obligation to refund the amount with interest @12% p.a.. Therefore, rejection of claim of refund vide order dated 04th January 2023, is unsustainable in the eye of law.
The petitioner has a division “Pearson Vue” which is engaged in providing computer based test administration solutions and pursuant to its contract with GMAC, USA, the petitioner conduct GMAT on behalf of GMAC for candidates in India.
NCLT Mumbai held that application u/s. 10 of Insolvency and Bankruptcy Code seeking own Corporate Insolvency Resolution Process [CIRP] is admitted as the Corporate Applicant is in default of a debt due. Accordingly, writ petition allowed.
