NCLAT Delhi held that explanation under section 14(1)(d) of the Insolvency and Bankruptcy Code, 2016 (IBC) doesn’t apply to lease premium amount and lease rent.
SC held that writ petition entertained by Sikkim HC for tax levied by Government of Goa, merely because petitioning company has its office in Gangtok, Sikkim, is unjustifiable and lacks jurisdiction.
While GST Department may reverse credit in the hands of purchaser, this has to be a protective move, to be reversed and credit restored if liability is made good by supplier. Thus, substantive liability falls on supplier and protective liability upon purchaser.
CESTAT Delhi held that an audit report cannot be regarded as an order of determination under Voluntary Compliance Encouragement Scheme. Accordingly, audit report is akin to an order of determination under the relevant sections of the Scheme.
ITAT Delhi held that as per provisions of section 207 of the Income Tax Act, an individual resident of 60 years or more and not having income chargeable under the head ‘profit and gains’ of business or profession is not required to pay the advance tax.
Read advance ruling by GST AAR Chhattisgarh on leviability of GST on export of pre-packaged and labelled rice up to 25kgs. Understand applicable tax rates, legal provisions, and conditions for exports. Get clarity on GST rates for foreign buyers, bill to ship to basis, and supply to exporter’s factory.
ITAT upheld additions towards cash seized during search proceedings as unexplained money, under Section 69A when assessee could not establish source for amount found.
Who can be said to be related person u/s 4(4)(c) of Central Excise Act, 1944 to enable authorities to discard transaction value & arrive at a valuation otherwise?
NCLT Ahmedabad held that residuary jurisdiction of National Company Law Tribunal under section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 is limited. Accordingly, application rejected.
Hyderabad ITAT held that gift of house to father just prior to sale of land was a camouflage to claim Section 54F deduction as Assessee owned two house properties
