The ITAT Ranchi quashed a Section 263 order, ruling that a tax revision cannot be based solely on an audit objection or for the re-examination of an issue already reviewed by the AO.
The ITAT Ranchi upholds an assessee’s appeal, ruling that the Assessing Officer must provide evidence to substantiate additions made solely based on ITS data.
NCLT Mumbai held that Corporate Insolvency Resolution Process [CIRP] against Corporate Debtor [S U Toll Road Private Limited] under section 7 of the Insolvency and Bankruptcy Code admitted as Corporate Debtor defaulted in repayment of financial debt over the minimum threshold of Rs. 1Crore proved.
NCLAT Chennai held that provisions of section 60(1) of the Insolvency and Bankruptcy Code prescribes that question of jurisdiction has to be raised at the very first available instance and not at the stage when the proceedings have been concluded.
NCLAT Delhi closes the Corporate Insolvency Resolution Process [CIRP] of corporate debtor since construction of flats is completed and possession is handed over to all the claimant homebuyers and there is no claimant left.
CESTAT Chandigarh held that CENVAT Credit of input services i.e. insurance and authorized service station cannot be denied as services are availed before 01.04.2011 and used for furtherance of business.
Madras High Court held that cancellation of GST registration for non-compliance with relevant provision of GST Act not justified since the reason of slowdown in business is genuine. Accordingly, restoration of GST registration ordered.
Madras High Court held that filing of a fresh refund claim in terms of section 27 (1-B) of the Customs Act not required as refund claim was duly filed within limitation of one year from the date of import. Accordingly, writ of petitioner stands allowed.
AO was directed to consider the original return while deciding the case involving disallowance of excess deductions and house property loss claimed in revised returns for Assessment Year (AY) 2020-21 as the revised return had been filed by the assessee based on the wrong guidance of the tax advisors and had been brought to the notice of the AO.
Delhi High Court held that exemption from Basic Customs Duty [BCD] admissible in case of WAPs import employing either Multiple Input/ Multiple Output (MIMO) or Long Term Evolution (LTE) standards prior to amendment brought vide Finance Act, 2021.
