The tribunal approved the resolution plan after the anchor bidder outperformed the challenger during the Swiss Challenge. The ruling sanctions a payout exceeding Rs. 12.80 crore and confirms compliance with IBC requirements.
The Allahabad High Court struck down a GST cancellation order that provided no reasons for rejecting the taxpayer’s explanation, emphasizing procedural fairness and protection of business interests.
The Court held that interest paid for delayed Agricultural Income Tax cannot be deducted under Section 37. Since AIT itself is not deductible, the related interest also fails eligibility. The ruling confirms that such payments do not qualify as business expenditure.
The Court held that the taxpayer approached without replying to the GST show cause notice. It directed submission of a reply within one week, which the authorities must consider.
The High Court sustained the exemption under Section 11 for a charitable trust, holding that doctors’ fees excluded from gross billing do not affect the 2% Indigent Patient Fund contribution. Revenue’s appeal was dismissed.
The Court held that prolonged suspension of trustees, sealed records, and administrator control constituted genuine cause for delayed filings. The delay for six assessment years was condoned and the returns ordered to be processed as filed on time.
The Tribunal held that the late filing fines imposed on the importer were unjustified due to ICEGATE system malfunction and pandemic-related delays. Relief was granted as the delay was not wilful.
The Supreme Court permits Flipkart and others to revive GST appeals previously rejected for non-payment from cash ledger, clarifying interim relief and procedural guidelines.
Guwahati High Court ruled that appeals challenging CESTAT’s order on special rate of value addition are not maintainable, as issue pertains to valuation of goods for assessment and lies with Supreme Court.
The Tribunal ruled that loss of sugar due to Cyclone Roanu entitles the SEZ unit to remission of customs duty. Penalties and fines imposed earlier were set aside.
