NCLAT Delhi held that interest cannot be termed as operational debt as defined under section 5(21) of the Insolvency and Bankruptcy Code and hence interest cannot be included in the claims filed under section 9 of the Code.
Madras High Court held that once the genuinity of the transaction is proved by the petitioner before this Court, there is no necessity for remanding the matter back to the respondents. Accordingly, addition towards unexplained investment set aside.
Madras High Court held that notice and order thereof issued for A.Y. 2021-22 instead of 2018-19 in form DRC-01 is liable to be quashed. Accordingly, matter remanded back for passing fresh order on merits.
ITAT Ahmedabad held that the entire proceedings under Section 263 of the Act were initiated and completed by the PCIT within a period of only 12 days without pointing out reason for lack of enquiry unjustified. Accordingly, matter restored back.
The Assessing Authority disallowed a sum of Rs.11,27,00,000/-, which the assessee claimed it as business loss. The Assessing Authority had also disallowed certain other claims of the assessee.
Kerala HC rules in Haries Muhammed case that GST authorities must issue separate orders for each financial year despite consolidated show cause notices.
ITAT Delhi rules in favor of Dharam Singh, clarifying turnover calculation for commission-based businesses under section 271B.
Where there was Nil or insufficient balance in a particular tax head in the Electronic Credit Ledger, then the balance in another tax head could be blocked only if the cross-utilization from such head was permissible in law.
A notice in Form DRC-01 was issued by the respondent on 28.12.2023. The petitioner filed reply to the said notice on 20.02.2024. Without affording an opportunity of personal hearing to the petitioner, the assessment order came to be passed on 26.04.2024.
Kerala High Court held that passing of rectification order without informing reason that prompted the exercise of power of rectification is unsustainable in law. Accordingly, rectification order quashed.
