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Judiciary

Calcutta HC Quashes Penalty Under Section 271(1)(c) for Unspecified Charge

September 27, 2025 660 Views 0 comment Print

The Calcutta High Court allowed the appeals of KPC Medical College And Hospital, setting aside penalties levied under Section 271(1)(c) and Section 271AAA, ruling that the show cause notices were invalid for failing to specify the exact charge (concealment or inaccurate particulars).

Equity investment doesn’t fall within meaning of ‘operational debt’ u/s. 5(21) of IBC

September 27, 2025 717 Views 0 comment Print

NCLT Hyderabad held that equity investment is not a loan and doesn’t fall within the meaning of ‘operational debt’ under section 5(21) of the Insolvency and Bankruptcy Code. Accordingly, application u/s. 9 of IBC for initiation of IBC dismissed.

ITAT Mumbai Upholds 12.5% Addition on Bogus Purchases, Rejects Assessee & Revenue Appeals

September 27, 2025 777 Views 0 comment Print

Tribunal confirmed CIT(A)’s estimation of 12.5% disallowance on ₹2.19 crore alleged bogus purchases, dismissing both assessee’s plea for reduction and Revenue’s demand for higher addition.

Purchases Linked With Sales & GP Rates Comparable: ITAT deletes ₹9.6 Cr Addition

September 27, 2025 600 Views 0 comment Print

The court found that the assessee provided sufficient documentary evidence, and the declared profit rates were comparable to previous years, distinguishing the case from bogus purchases precedents.

Calcutta HC Quashes ₹50,000 Cost Imposed on Small Trader in Income Tax Appeal

September 27, 2025 489 Views 0 comment Print

The Calcutta High Court, in Abdul Mannan Vs ITO, set aside a ₹50,000 cost imposed by the ITAT for the restoration of a tax appeal, citing the assessee’s small-trader status and dependency on a negligent consultant.

No concessional rate benefit on import of rectangular shape gold bars as serial numbers not engraved

September 27, 2025 387 Views 0 comment Print

CESTAT Hyderabad held that benefit of concessional rate vide notification no. 62/2004-Cus dated 12.05.2004 is denied on import of rectangular shape gold bars as manufacturers or refiners serial numbers not found engraved on the gold bars.

CAAR Rules on Classification of Ultrasonic Parking Sensors under Customs Tariff

September 27, 2025 795 Views 0 comment Print

CAAR Mumbai held that ultrasonic parking sensors are not semiconductor devices but parts of rear parking assist systems, classifiable under CTH 8512. Sub-components were classified individually.

Date of surrender of bank guarantee considered as relevant date for refund u/s. 11B of Excise

September 27, 2025 603 Views 0 comment Print

Karnataka High Court held that date of surrender of bank guarantee to be considered as relevant date for the purpose of claiming refund under section 11B of the Central Excise Act, 1944. Accordingly, appeal allowed.

Initiation of proceedings under GST post approval of resolution plan cannot be sustained

September 27, 2025 528 Views 0 comment Print

Gujarat High Court held that post approval of resolution plan, there could be no occasion whatsoever for department to issue notices. Accordingly, GST notices issued alleging wrong claim of ITC quashed and set aside.

Termination of concession agreement not co-related with default in repayment of dues

September 27, 2025 738 Views 0 comment Print

NCLAT Delhi held that termination of concession agreement has no relation with default in repayment of dues of the Financial creditor. Accordingly, application u/s. 7 of IBC rightly admitted against Supreme Manor Wada Bhiwandi Infrastructure Pvt. Ltd. [Corporate Debtor] as debt and default established.

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