NCLAT Delhi Held that a written agreement is not a condition precedent to prove the existence of a financial debt. Accordingly, CIRP application u/s. 7 of IBC duly admitted as debt and default proved.
Both return and Form 10B were filed within extended due date (31.10.2018). Thus, substantive compliance was achieved. Filing of audit report after the return but before expiry of due date could not be construed as fatal non-compliance.
Where the Transfer Pricing Officer (TPO) accepted international transactions at arm’s length without proposing any variation under Section 92CA(3), assessee did not qualify as an “eligible assessee” under Section 144C(15)(b).
Since the SCN did not propose retrospective cancellation or raise the issue of non-existent premises, the impugned cancellation order was unsustainable therefore, assessee’s GST registration should be treated as cancelled only from 31 December 2024, the date of the SCN.
ITAT Pune has sent the case of Shankar Saybu Rakhewar back to the Commissioner of Income Tax (Appeals) for a new hearing.
Mumbai ITAT has restored a bogus purchases case to the Assessing Officer for a fresh hearing, ruling that CIT(A) erred by partially restricting the addition without giving the assessee a full opportunity to present evidence.
The ITAT Pune has ruled that co-operative societies can claim tax deductions under Section 80P for interest income from deposits with co-operative banks. The decision confirms a consistent judicial view, restoring the full deduction for the assessee.
The ITAT Delhi ruled in Dalmia Bharat vs. DCIT that a company’s gain from canceling a forward contract for machinery imports is a capital receipt, not taxable as business income.
The ITAT Chennai ruled that an Indian employee’s salary for services rendered in the US is not taxable in India, upholding the India-US DTAA and clarifying that the place of service, not receipt, determines taxability.
The ITAT Raipur quashed a reassessment order, ruling that the mandatory requirement for a signed approval from tax authorities was violated, rendering the entire proceeding void.
