Allahabad High Court quashes tax demand order exceeding show cause notice amount, reinforcing Section 75(7) of the GST Act.
Assessee is a co-operative society engaged in the business of providing credit facilities to its members. Assessee is claiming deduction u/s. 80P(2) of the Income Tax Act. Notably, vide intimation u/s. 143(1), the deduction u/s. 80P(2)(d) was disallowed.
Gujarat High Court held that reopening of assessment by issuance of notice under section 148 issued beyond the surviving time limit as prescribed under Income Tax Act read with TOLA is barred by limitation. Accordingly, notice is quashed and writ petition allowed.
ITAT Cochin rules Envestnet Asset Management’s assessment order time-barred, emphasizing mandatory timelines and proper record-keeping by tax authorities.
Bombay High Court rules Rediff.Com can deduct expenses for abandoned capital work-in-progress, affirming ITAT’s decision based on revenue expenditure classification.
NCLAT Delhi held that the capital investment under the reseller agreement lacks the essential ingredients of financial debt under Section 5(8) (f) of the Insolvency and Bankruptcy Code. Accordingly, dismissal of petition u/s. 7 for CIRP justified.
ITAT Mumbai remands Gabriel India’s tax appeal over Rs. 72 lakh capital work-in-progress dispute. CIT(A) ordered to admit new evidence.
Madras High Court clarifies natural justice in rectification application dismissals under TNGST Act. The ruling upholds a single judge’s decision, emphasizing actual rectification for natural justice to apply, not just application denial.
Supreme Court rules a partnership does not dissolve upon a partner’s death if the deed provides for continuity. Legal heirs’ consent is not mandatory for firm reconstitution, rejecting IOCL’s supply cessation.
ITAT Raipur deletes additions for bogus purchases and short yield in P.D. Rice Udyog case, citing lower purchase rates and incorrect yield calculation.
