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Judiciary

Contingencies as part of resolution plan justifiable: NCLAT Delhi

July 12, 2025 546 Views 0 comment Print

Adjudicating authority also in its order dated 03.12.2024, while considering the application filed by the RP for approval of the resolution plan has noticed all relevant facts, including the financial outlay and four contingencies as part of the resolution plan.

CESTAT Remands Finolex Refund Case on Unjust Enrichment Issue

July 12, 2025 684 Views 0 comment Print

CESTAT remands Finolex Industries’ customs duty refund case, citing misapplication of Section 18(2) in provisional assessment finalization. Unjust enrichment debated.

License fee for broadcasting sports event apportioned as 10% towards recorded events and 90% towards live coverage

July 12, 2025 582 Views 0 comment Print

ITAT Delhi held that apportionment of license fees as 10% towards recorded events and 90% towards live coverage instead of 5% and 95% as claimed by sports broadcasters. Accordingly, appeal partly allowed.

Appeal before High Court u/s. 35G of Central Excise Act not maintainable as issue taxability is involved

July 12, 2025 654 Views 0 comment Print

Delhi High Court held that appeal under section 35G of the Central Excise Act before High Court is not maintainable whenever issues of determining taxability are involved. Accordingly, present appeal is rejected.

Addition u/s. 68 quashed as cash deposits already included in turnover declared in return

July 12, 2025 798 Views 0 comment Print

ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit cannot be sustained as cash deposit already included in turnover declared by the assessee in return of income. Accordingly, addition is directed to be deleted.

Deduction 80P admissible as presence of nominal and associate members lawful under KCSA

July 12, 2025 501 Views 0 comment Print

ITAT Bangalore held that eligibility u/s. 80P should be assessed in the light of the relevant state cooperative law. Under Karnataka Cooperation Societies Act [KCSA], the presence of nominal and associate members is lawful and does not break the mutuality principle.

Application u/s. 9 of IBC not rejectable as undisputed significant portion of debt is above threshold limit

July 12, 2025 1140 Views 0 comment Print

The Appellant submitted that, despite repeated follow-ups, the Respondent has failed to pay the outstanding balance. The Appellant issued a notice under the Arbitration and Conciliation Act, 1996 seeking recovery of the said dues.

Reassessment notice u/s. 148 under TOLA quashed as time-barred: Gujarat HC

July 12, 2025 1179 Views 0 comment Print

The petitioner filed return of income for the Assessment Year 2013-14 on 28.04.2016. A notice dated 30.6.2021 was issued u/s. 148 of the Act under the provisions of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA).

Transfer of Leasehold Rights Not Subject to GST, Akin to Sale of Land: Gujarat HC

July 12, 2025 7590 Views 0 comment Print

The Gujarat High Court confirmed that transferring long-term leasehold rights for GIDC plots is not subject to GST, classifying it as a transfer of immovable property, similar to a land sale. This clarifies GST applicability for industrial land transactions.

Denial of Section 80P Deduction for AY 2019-20 Not a Prima Facie Adjustment

July 11, 2025 564 Views 0 comment Print

ITAT Ahmedabad allows Khedbrahma Taluka Primary Teachers Co-op. Credit Society Ltd. 80P deduction despite a minor delay in IT return filing, citing technical glitches and statutory interpretation.

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