Bombay HC quashes reassessment notices against Patanjali Foods, citing prior insolvency resolution and clarifying the scope of reassessment under Section 148.
ITAT Surat ruled on the classification of land as a capital asset under Section 2(14) for AY 2012-13. Decision centered on distance measurement standards and LTCG.
Madras HC denies ITC claims in Devi Traders case, citing lack of e-way bills and transport documents. Court emphasizes taxpayers’ burden to prove goods receipt for ITC eligibility.
ITAT Kolkata rules that cash withdrawals from a bank account cannot justify reassessment. The assessment was quashed, confirming the taxpayer’s right to use their funds.
Madras High Court held that once the purchase of machinery itself was found to be false and the transaction was sham, the claim of depreciation cannot be sustained. Appeal dismissed, accordingly.
Supreme Court held that for a Resolution Plan containing a combination should be examined by Committee of Creditors [CoC] only after prior approval from Competition Commission of India [CCI].
Guwahati HC applies promissory estoppel against Assam, upholding industrial policy benefits despite conflicting departmental views on factory operations.
ITAT Rajkot held that addition on account of unexplained investment in purchase of immovable property u/s 69 of the Income Tax Act is liable to be deleted since assessee sufficiently proved that all the payments are made from wife’s NRI account.
Andhra Pradesh High Court rules that a personal hearing must be granted before an adverse GST order, even if not requested, ensuring fair assessment under CGST Act.
ITAT Chennai held that when the cash is sourced out of recorded sales, the provisions of section 69A of the Income Tax Act could not be invoked since sales have already been offered to tax and taxing same again u/s. 69A would amount to double taxation.
