ITAT Delhi held that while computing total income as per Rule 5 r.w. section 44, provisions of section 14A are not applicable. Further, disallowance method of computation of prescribed under Rule 8D is not applicable while “Book Profit” u/s 115JB.
NCLAT Delhi held that initiation of Corporate Insolvency Resolution Process (CIRP) for failure to honour repayment obligation justified since application filed within limitation period. Accordingly, present appeal dismissed.
NCLAT Chennai held that initiation of the IRP proceeding u/s. 95 of Insolvency & Bankruptcy Code, 2016 against personal guarantor upheld as no principle of natural justice has been violated, and that the Resolution Professional has given sufficient opportunities.
ITAT Raipur held that disallowance under section 43B of the Income Tax Act towards unpaid VAT liability cannot be sustained since the amount was not claimed as an expenditure in P&L account. Accordingly, appeal of revenue dismissed.
ITAT Ahmedabad held that assessment order passed against non-existent entity is an invalid assessment order and hence entire assessment framed is liable to be quashed. Accordingly, appeal of assessee allowed.
Gujarat High Court rules in favor of assessee, stating a mere error in reporting disallowances shouldn’t lead to refund denial after revised return deadline.
Gujarat HC dismisses Revenue’s appeal, upholding ITAT’s decision to delete additions on F&O profit, capital increase, & investment due to AO’s errors.
SC sets framework distinguishing copyright from design protection for industrial drawings, impacting IP law. Clarifies Section 15(2) application.
ITAT Mumbai rules Section 56(2)(viia) does not apply to shares held as stock-in-trade, aligning with legislative intent for anti-abuse measures.
SC mandates reporting of cash transactions over ₹2L under Section 269ST, directing courts, IT authorities, and registrars to ensure compliance and curb violations.
