ITAT Bangalore remands Kodavaame Trust’s 12AB and 80G tax exemption cancellation to CIT(E) for fresh consideration due to submitted documents.
ITAT Pune cancels Section 271(1)(c) penalty against Vikas Jayram Bhukan, citing a defective notice that failed to specify the charge, referencing Bombay High Court precedents.
Delhi High Court allows Metalax Industries to file a single consolidated appeal against a common Show Cause Notice and order covering multiple financial years.
The ITAT Ahmedabad has partially upheld an appeal by Parshwanath Realty Pvt. Ltd., allowing 25% of exhibition expenses incurred for a related firm, citing business expediency and indirect benefit.
Delhi NCLAT dismisses appeal challenging court records without correction application, reiterating late replies hinder case conclusion. Cites Supreme Court precedent.
NCLAT Delhi held that application under Section 7 of the Insolvency and Bankruptcy Code for initiation of CIRP duly admissible since One-Time Settlement with guarantors didn’t amount to full and final satisfaction of loan vis-à-vis the Corporate Debtor.
Gujarat High Court held that no writ petition is maintainable against the show cause notice under section 263(1) of the Income Tax Act when notice is self-speaking and self-explanatory. Accordingly, writ dismissed as alternate remedy to prefer an appeal before Tribunal available.
The Official Liquidator is directed to undertake and complete valuation of the building on S.F.No.79/1 through ITCOT at rates earlier approved by this Court within 60 days from the date of receipt of a copy of this order.
The computation of the amount claimed in all three demand notices was never explained. It is quite apparent that while the guarantors in all the cases mentioned a limiting amount of the guarantor’s liability, the bank has simply demanded from them the amount of the loan outstanding in the principal borrower’s account.
Kerala High Court held that for claiming benefit of drawback it is not necessary that extension should come from the Reserve Bank of India itself as the AD-I bank are authorized to grant such extension. Accordingly, writ disposed with direction to reconsider the claim.
