Aggrieved against the directions of CIT(A) to the AO for assessment of gross profit on unaccounted sales of unaccounted purchases and enhancement on account of disallowance of cash payment u/s.40A(3) of the Act, the assessee came in appeal before the Tribunal.
NCLT Kolkata held that One Time Settlement proposal given by Corporate Debtor to Financial Creditor is a clear acknowledgment of debt and default. Hence, application filed by Financial Creditor u/s. 7 of IBC for initiating CIRP against S R Timber Products Private Limited admitted.
Madras High Court held that the goods imported, even though exempted from basic customs duty, may still be subject to levy of additional duty under the respective enactments.
Patna High Court held that reassessment proceedings under section 148A(b) of the Income Tax Act is justifiable since proceedings initiated within a three year period as per section 149(1) of the Income Tax Act.
Thereafter, there was change in incumbent and fresh opportunity was provided and notice u/s.142(1) was issued. But this notice was returned back with the remarks that “the assessee was not in given address”.
CCI penalizes UFO Moviez & another firm for anti-competitive digital cinema equipment lease deals affecting content supply. Fines imposed total over ₹2.7 Cr.
Calcutta High Court hears bail plea of Santosh Kumar Sah over GST ITC allegations. Questions raised on arrest procedure and lack of incriminating evidence.
Delhi High Court rules personal hearing is mandatory under Section 161 DGST Act when a rectification application adversely affects the assessee, even if the initial order was contested.
Rajasthan HC addresses Alkem Labs’ challenge against an arbitrary income tax adjustment under Section 143(1). Cost imposed for delayed refund.
Kerala High Court rules that once building tax is assessed, the entire amount is payable unless specific amnesty schemes exist; challenges via writ petition are improper if statutory remedies weren’t pursued.
