NCLAT Delhi held that assignment agreement establishes absolute right of the corporate debtor over the property hence it is part of liquidation estate. Payment of unauthorised sub-letting charges doesn’t mean any valid sub-letting of property.
ITAT Chennai held that addition under section 69 towards unexplained investment merely based on loose sheets without any corroborative evidences is unsustainable in law. Also held that addition on the basis of mere assumption and presumption not sustainable.
ITAT Agra held that evidences with regard to deposit of income tax deducted at source (TDS) filed for the first time before ITAT hence appeal allowed with direction to AO to verify the documents.
In the matter abovementioned ITAT Pune after relying upon the decision of jurisdictional HC held that assessee was eligible for deduction u/sec.80P(2)(a) (i) on the Interest earned by assessee.
Allahabad High Court rejected bail application of applicant involved in GST fake firm matter since the case of bail is not made out in economic offence where money trail of crores and co-accused discharge application has already been rejected.
ITAT Chennai held that payments are in the nature of selling commission to foreign agents who is not having permanent establishment or business connection in India is not taxable in India and accordingly, TDS u/s. 195 not deductible.
NCLAT Chennai held that after finalization of process of e-auction sale of Corporate Debtor, it cannot be permitted to consider Scheme of Arrangement proposed under section 230 of the Companies Act.
ITAT Chandigarh deletes ₹32 lakh addition against Pawan International, ruling cash deposits from opening stock sales cannot be treated as unexplained income.
NCLAT Delhi held that initiated proceedings before the Debts Recovery Tribunal does not preclude Financial Creditors to take remedy under Section 7, which is a special remedy provided under the IBC.
ITAT Chennai remands ₹36.5 lakh unexplained loans case for reconsideration after assessee fails to provide sufficient evidence of creditors’ financial capacity.
