ITAT Ahmedabad rules late filing of Form 10B as procedural lapse, grants Section 11 exemption for Bhavnagar Dashashrimali Meshree Vanik Gnati for AY 2019-20.
Allahabad High Court quashes GST demand against Prakash Iron Store for not granting a personal hearing, directing fresh proceedings as per Section 75(4).
Bombay HC quashes rejection of Santosh Bhandarkar’s SVLDRS application, orders reconsideration based on admitted tax liability under the Scheme.
NCLAT Delhi held that benefit of extension of limitation under section 19 of the Limitation Act entitled to the operational creditor since last payment was made within period of three years and the same was acknowledged in writing by Corporate Debtor.
ITAT Ahmedabad held that provisions of Sick Industrial Companies Act [SICA] would override the provisions of Income Tax Act. Thus, set off of business loss granted on the basis of Board for Industrial and Financial Reconstruction [BIFR] order.
ITAT Delhi held that rejection of application for registration u/s. 12AB of the Income Tax Act by CIT(Exemptions) without considering replies and explanations furnished by the applicant is not justified. Accordingly, matter remitted back for fresh consideration.
Delhi High Court held that income tax authorities cannot retain seized cash once time period for framing an assessment under section 153A of the Income Tax Act has expired and there is no outstanding demand. Accordingly, petition disposed of.
Supreme Court held that the reduction in share capital of the subsidiary company results into the transfer of capital asset as envisaged in section 2(47) of the Income Tax Act. Accordingly, petition of revenue dismissed.
Assessee is engaged in the business of Manufacturing and Trading of Mill Board Paper, Cone, S.S. Rolled Patta and commission agent. The assessee company filed return at income of Rs. 2,77,330/-.
The matter arises out of three “Advance Authorisation Licenses” which allow to import “Walnut Inshell of Chandler Variety” at nil rate of duty with the condition that the Petitioner would fulfil the export obligations.
