ITAT Amritsar overturns Holy Faith International’s reassessment, citing AO’s failure to independently apply mind on external info and denial of cross-examination.
NCLAT Delhi held that direction of making contribution to the assets of Corporate Debtor upheld as person knowingly carried on the business of Corporate Debtor with intent to defraud creditors or for fraudulent purpose.
NCLAT Delhi held that section 238 of the Insolvency & Bankruptcy Code, 2016 [IBC] cannot override the Prevention of Money Laundering Act, 2002 [PMLA]. Thus, attachment under PMLA cannot be undone merely because CIRP is ongoing.
Patna High Court sets aside GST assessment against Shree Shyam Trading Co., citing lack of personal hearing and improper notice service.
CESTAT Delhi held that goods imported by fictious firms using fraudulently obtained IEC are liable for confiscation even if the said goods are not prohibited or restricted as per foreign trade policy. Accordingly, appeal of the assessee dismissed.
The assessee is a cooperative housing society located in Vile Parle, Mumbai and has been deriving rental income from commercial premises on the ground floor and partly in the basement. Notably, total amount of Rs. 2.40 Crores was granted by the Small Causes court as Mesne Profits to the assessee’s society.
Assessee is a foreign company and a tax resident of Mauritius. The assessee is carrying on investment activity in India by way of investments in shares and debentures of Indian companies through recognized stock exchanges in India.
ITAT Hyderabad held that denial of credit for Foreign Tax Credit merely due to delay in filing of Form 67 not justified as Form 67, although belatedly, was filed before the AO passed order u/s 143(3) of the Act. Accordingly, appeal allowed.
The Supreme Court upholds Delhi HC, confirming ITC blocking under GST Rule 86A requires evidence, disallowing arbitrary credit blocking by tax authorities.
ITAT Nagpur held that addition under section 68 towards bogus LTCG set aside as sale transaction of shares cannot be doubted. Thus, sale consideration received on sale of shares cannot be assessed as unexplained cash credit under section 68 of the Income Tax Act.
