ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed.
Delhi High Court conditionally suspended Look Out Circular against the director of company involved alleged in financial impropriety based on individual’s right to travel as guaranteed under Article 21 of the Constitution of India.
On an Application filed u/s. 7 by the UCO Bank against the Corporate Debtor M/s. Shree Shyam Pulp and Board Mills, Corporate Insolvency Resolution Process (CIRP) commenced by Order dated 27.03.2019.
Uttarakhand High Court held that bail of accused involved in drug trafficking and money laundering matter deserved to be rejected since various questions fall for deeper scrutiny during trial. Hence, bail rejected.
Delhi High Court held that amounts received by Electricity Regulatory Commissions as tariff and license fee is not leviable under Goods and Services Tax. Accordingly, petition allowed and show cause notice quashed.
Assessee was engaged in the business of manufacturing of diamond by cutting and polishing of rough diamond and sale thereof. During assessment, Assessing Officer noted that assessee has made 20 transactions of foreign remittance.
In the instant case, assessee had not filed any return within stipulated time framed u/s 139(1), but had filed the return u/s 139(8A) (updated return) on 31.03.2023 along with Form 67 filed online on the said date claiming FTC.
ITAT Bangalore held that penalty under section 271D of the Income Tax Act not imposable for acceptance of cash on transfer of agricultural land as non-compliance with section 269SS of the Income Tax Act was due to bonafide belief.
NCLAT Delhi held that arbitration notice evidences a pre-existing dispute, thus, section 9 application filed by Operational Creditor for initiation of Corporate Insolvency Resolution Process (CIRP) rightly rejected.
ITAT Kolkata held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since assessee duly established identity and creditworthiness of the investors and genuineness of the transactions.
