Supreme Court held that Legislative Assembly Speakers acts as a Tribunal under the Tenth Schedule to the Constitution and doesn’t enjoy the constitutional immunity from judicial scrutiny under Article 122 and 212 of the Constitution. Accordingly, the petition is allowed.
The Tribunal clarified that possession is not a mandatory condition for claiming Section 54 exemption. It held that investment within the prescribed timeline satisfies the legal requirement.
Kerala High Court held that condonation of delay in filing of the annual returns only averts penalty and prosecution and doesn’t remove disqualification of the directors of the Company. Accordingly, the writ is disposed of and order is quashed.
The Tribunal held that corpus donations received with specific directions are capital in nature and cannot be included in annual receipts. Since actual receipts were below ₹1 crore, exemption was allowed.
ITAT held that stamp duty value on registration date cannot be applied where allotment occurred earlier. Allotment date determines valuation under Section 56.
ITAT Delhi held that the present appeal filed by benamidar is dismissed since the benamidar was unable to explain the source of funds for acquiring the impugned property. However, the issue regarding beneficial owner is kept open for investigation.
The Court extended interim relief to contractors as the classification of Delhi Jal Board as a local authority is under consideration. The final GST rate applicable to contracts will depend on this determination.
The Court held that recording satisfaction after a delay of nine months was not immediate as required by law. It upheld quashing of assessment proceedings and deletion of undisclosed income addition.
The Court held that while detention proceedings may continue, authorities must consider provisional release of goods under Section 67(6). It directed issuance of a reasoned order without examining merits.
The Tribunal relied on Supreme Court rulings to hold that co-operative banks qualify as co-operative societies for deduction purposes. It allowed deduction on interest income under Section 80P(2)(d).
