Gujarat High Court held that in view of the retrospective amendment u/s. 112(1)(c)(iii) of the Income Tax Act the assessee is eligible to pay tax at lower rate @10% instead of 20% on sale of unlisted share even in absence of filing the claim by way of revised return.
ITAT Delhi held that doubting the whole transaction of sale of shares as sham transaction merely on the basis of discrepancy in the record maintained by ROC not justifiable. Accordingly, appeal allowed stating that suspicion howsoever strong cannot taken place of evidence.
Bombay High Court held that that the stage which has been contemplated under Section 44(1)(c) of the Prevention of Money Laundering Act, 2002 [PMLA, 2002] will be after the jurisdictional Court has taken cognizance of the scheduled offences.
Gujarat High Court confirms GST ITC reversal for R V Enterprises due to non-genuine supplier and unpaid tax, quashing penalty over procedural lapse.
NCLAT Delhi held that limitation period u/s. 61(2) of the Insolvency and Bankruptcy Code commences from date of order and not dependent on knowledge of order to ED. Further, once prescribed and condonable periods expires, NCLAT has no jurisdiction to entertain appeal.
ITAT Pune rules unregistered trusts are taxed only on net income, not gross, even with ITR filing errors, emphasizing substantive justice.
ITAT Mumbai held that no addition can be made on the ground that notices issued u/s 133(6) of the Act were not replied. Accordingly, deletion of addition by CIT(A) is justified and appeal of department quashed to that extent.
Meghalaya High Court directs tax authorities to accept a manually filed revised IT return from Shyam Century Ferrous Ltd. for a mistake, citing a Delhi HC precedent.
Madhya Pradesh High Court sets aside GST demand, finding show cause notice uploaded under Additional Notices insufficient, violating natural justice, citing Madras and Delhi High Court precedents.
Calcutta High Court restores reassessment for bogus LTCG, finding ITAT erred by ignoring AO’s evidence and satisfaction in a penny stock scam, citing Supreme Court precedents.
