Tribunal holds that when unlisted shares are sold above the prescribed fair market value, Section 50CA does not apply. The ruling rejects reclassification of part of the consideration as income from other sources.
Court granted bail noting that case was still at pre-charge stage and carried a maximum sentence of five years. The ruling underscores that extended custody was unnecessary for a Magistrate-triable offence.
The Tribunal held that notices and assessment orders in the name of a deceased person have no legal standing, confirming that reassessment requires a living assessee or representative.
Karnataka High Court quashed several notices, assessment orders, and bank garnishments issued under sections 148A, 147, 156, and 226(3), allowing the cooperative federation’s petition.
The Court quashed the order rejecting the condonation of delay, emphasizing that human error and professional reliance justify acceptance of late audit filings.
The Court reaffirmed that failure to issue SCN within prescribed time entitles goods’ owner to unconditional release under the Customs Act.
Tripura High Court rules that collection of GST penalty without passing a formal order under Section 129(3) is unlawful, and directs refund with interest.
Delhi High Court sets aside GST orders passed without notice or opportunity for reply and remands the matter to the adjudicating authority for personal hearing.
Madras High Court relegates the GST classification dispute on Harpic and Lizol to the Deputy Commissioner, noting factual disputes and the availability of statutory remedies.
The Tribunal held that delay in submitting Form 10B is curable, allowing the trust to claim income application under Section 11(1)(a) as it was filed prior to completion of assessment proceedings.
