Directors/ signatories cannot escape from their penal liability by citing its dissolution, only the accused company is dissolved and director/signatory cannot be permitted to go scot-free after the approval of resolution plan.
Madras High Court held that order passed rejecting the claim of Input Tax Credit on the basis of the web report set aside for fresh consideration since order was passed without complying with procedure stipulated in circular no. 5/2021 dated 24.02.2021.
Since an Arresting Officer had conveyed his intention, reasons, grounds and believe to arrest assessee, the order of grounds of arrest was in conformity with the requirement of Section 19 of PMLA Act.
Bombay High Court in the case of Shree Sai Baba Sansthan Trust held that anonymous donation received by religious and charitable trust is entitled to benefit of an exemption from tax under section 115BBC(2b) of the Income Tax Act.
Delhi High Court held that CIT has rightly held that assessment order was passed without making necessary inquiries and verification hence in terms of clause (a) of Explanation 2 to Section 263, the assessment order is deemed to be erroneous in so far as it is prejudicial to the interests of the revenue.
Madras High Court held that rejection of input tax credit on the ground that claim has been lodged beyond period prescribed u/s. 16(4) of the GST Act needs to be re-visited in view of section 16(5) inserted vide section 118 of the Finance (No. 2) Act, 2024.
Andhra Pradesh High Court held that levy of penalty under section 271D of the Income Tax Act untenable since AO didn’t record any satisfaction to the effect that provisions of section 269SS of the Income Tax Act are violated.
Karnataka HC quashes income tax assessment and penalty orders due to non-service of show cause notice (SCN) under Section 148A(b), allowing fresh reply opportunity.
Karnataka HC quashes CBDT order under Section 119(2)(b) and condones 2-hour delay in ITR filing due to genuine hardship. Returns for AY 2019-20 to be processed.
Madras HC orders Customs to consider CVD exemption on silk fabric imports from China under Section 149 of Customs Act within six weeks. No costs imposed.
