Since reasons recorded by AO to form prima facie conclusion that there was likelihood of any gain on account of revenue expenses incurred by assessee was also without any basis in the absence of any fresh tangible material available with the respondent AO as the fact remained that assessee had unrealized gain and unrealized loss which was not claimed and duly reflected in the computation income as assessee had claimed only bank charges expenditure for hedging of foreign currency.
Punjab & Haryana HC disposes of petitions challenging GST Sec 174(2), awaiting SC verdict in T.S. Belaraman case. Interim relief continues until final decision.
Delhi High Court held that the unlocking/activation of the mobile phone merely makes the mobile phone more usable in the destination country and the same would therefore not constitute “taken into use” under proviso to Rule 3 of Duty Drawback Rules.
Orissa HC sets aside GST order, noting pending Supreme Court case on related issue, directs fresh hearing after petitioner communicates order to authorities.
Calcutta High Court quashes rejection of appeal due to delay, orders appellate authority to reconsider the delay condonation and appeal on merits.
Orissa High Court reduces pre-deposit for stay of tax demand to 10% after government notification, granting relief to the petitioner in the appeal.
Delhi HC directs Customs to pay current market value of seized gold, disposed of without informing the owner, plus costs for delay.
Calcutta High Court rules on GST appeal delay, allowing condonation beyond 120 days. Legal precedent and Limitation Act invoked. Read full case analysis.
Delhi HC dismisses revenue’s appeal, affirming that cash sales during demonetization, accounted for and taxed, cannot be treated as unexplained income u/s 68.
The Gauhati High Court ruled that GST registration cancellation can be revoked if pending returns are filed and dues are cleared under Rule 22 of CGST Rules.
