Supreme Court dismisses Union of India’s appeal, upholding Delhi High Court’s order for immediate GST refund. Reiterates need for recorded reasons under CGST Act Section 108.
CESTAT Delhi held that recovery of ineligible Focus Market Scrips under section 28AAA of the Customs Act cannot be sustained without cancellation of the instrument by DGFT. Accordingly, order held as without jurisdiction.
NCLAT upholds NCLT’s rejection of Indian Bank’s insolvency plea against a personal guarantor who was also the resolution applicant, citing the approval of a new guarantee under the corporate debtor’s resolution plan.
Madhya Pradesh High Court nullifies GST penalty due to denial of cross-examination, reinforcing natural justice principles for adjudication orders.
ITAT Nagpur held that addition on account of LTCG in the hands of firm not justified as property is belonged to the partner in his individual capacity and didn’t belonged to the firm. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
ITAT Mumbai held that addition under section 68 of the Income Tax Act cannot be sustained as assessee disclosed the source of credits. It is also held that assessee has also disclosed source of source and hence addition cannot be sustained. Accordingly, appeal allowed.
ITAT Rajkot’s affirmed that interest from depositing surplus funds with nationalized/ private banks is not deductible under Section 80P(2)(a)(i) as it is not integral to business of providing credit to members.
ITAT Surat rules Bardoli Vibhag Gram Vikas Co-op Credit Society’s interest from co-operative banks is eligible for Section 80P(2)(d) deduction, overturning PCIT.
The ITAT Hyderabad has largely upheld the disallowance of sub-contractor expenses for ASR Engineering & Projects Ltd., citing lack of genuineness and coordinated cash withdrawals. The tribunal also addressed the validity of revised returns for Section 80IA claims.
The Corporate Debtor failed to maintain financial discipline following which the account of the Corporate Debtor was classified as NPA which was also reflected in Part-IV of the Section 7 application filed by the Financial Creditor.
