Allahabad High Court held that initiation of proceedings under section 74 of the Central Goods and Services Tax Act [CGST Act] is not tenable in law since no findings is recorded which shows that there is fraud or willful mis-statement or suppression of fact to evade payment of tax.
Sikkim High Court held that section 54 of the Central Goods and Services Tax Act [CGST Act] doesn’t envisage refund of unutilized ITC for closure of business. Thus, rejection of refund application is within parameters of section 54 and lawful.
Gujarat High Court stays a six-month suspension of an Insolvency Professional by IBBI, citing issues of bias and the lack of an appellate remedy.
The Supreme Court has ruled that an application under the State Bank of India’s (SBI) One Time Settlement (OTS) 2020 Scheme is invalid without the mandatory 5% upfront payment of the settlement amount.
ITAT Bangalore held that interest on housing loan is allowed to be included in cost of acquisition of capital asset under section 48 of the Income Tax Act provided the same is not claimed as deduction u/s. 24(b). Accordingly, matter restored back to AO for verification.
ITAT Delhi held that revisionary proceedings under section 263 of the Income Tax Act is not justifiable since proper enquiry and examination was made and therefore, there is no error in the order of the AO thus, it is not pre-judicial to the interest of the Revenue.
The Patna High Court directs a petitioner to approach the Divisional Commissioner for a claim regarding the classification of their commercial land as agricultural for an NH-28 acquisition.
CESTAT Chennai held the denial of import exemption customs authority not justifiable since import was made under DGFT licence which was valid at the time of import and was cancelled by DGFT much later. Accordingly, order set aside and appeal allowed.
Madras High Court held that levy of late fee under section 47(2) of the Tamil Nadu Goods and Services Tax Act, 2017 is upheld for non-filing of annual return in Form GSTR-9 for F.Y. 2021-2022 after expiry of period of three years from due date of furnishing of said return.
NCLT Cuttack held that application for initiation of Corporate Insolvency Resolution Process [CIRP] under section 7 of the Insolvency and Bankruptcy Code [IBC] admitted against Corporate Debtor [Fortune Spirit Limited] as debt and default in payment of debt duly proved.
