The Madhya Pradesh High Court set aside an Appellate Authority’s order by clarifying the calculation of the four-month limitation period for filing a GST appeal under Section 107 of the CGST Act, 2017. The judgment confirms that the first day is excluded, the period is calculated in ‘months’ (not days), and the corresponding date rule applies, validating an appeal filed on the last day of the extended grace period.
HC held that large cash payments exceeding Rs.20,000 may be exempt if properly substantiated under Rule 6DD and business needs; Tribunal’s earlier disallowance set aside.
once the income forming the basis of AO’s reason to believe is explained, AO cannot tax other income independently
ITAT Ahmedabad held that unexplained credit additions cannot be sustained where HUF’s bank transactions are fully documented, and reassessment beyond four years without failure to disclose material facts is invalid.
ITAT Mumbai allowed Gateway Distriparks Ltd. s appeal, holding that Section 14A disallowance must be restricted to investments that actually generated exempt income, following the prospective nature of the 2022 amendment. The Tribunal also condoned a significant delay based on the Supreme Courts substantial justice’ principle.
ITAT Mumbai held that long-term capital gains on sale of land are taxable in the year of transfer of possession and payment, even if the formal sale deed is executed later. The decision emphasizes the principle of substance over form under Section 2(47).
Jewellers and Diamond Traders Association Vs CIT (Exemptions) (ITAT Chennai) The Jewellers and Diamond Traders Association (“the Association”) filed an appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, challenging the rejection of its application for registration as a charitable trust under Section 12AB of the Income Tax Act, 1961 (“the Act”). The application had […]
NCLT Mumbai admits Section 7 petition by Prudent ARC Limited against RBEP Entertainment, emphasizing that default, not inability to pay, governs initiation of insolvency proceedings under the IBC.
Tribunal rules that default occurred before the Section 10A suspension period; admits insolvency petition filed by Omkara ARC against debtor despite Covid-related objections.
ITAT holds that filing audit report late due to Covid-19 is a procedural lapse, not a ground to deny exemption, following Telangana and Gujarat High Court rulings.
