ITAT Delhi allows Kapil Dev a ₹1.5 Cr tax exemption on a one-time benefit from BCCI under Section 56(2)(vii). Read details of the ruling and legal arguments.
ITAT Mumbai rules on gift tax for step-siblings. Case examines relative definition under Section 56. Legal analysis of tax implications.
On an application filed u/s. 9 of the Insolvency and Bankruptcy Code, 2016, the Corporate Debtor – Lavasa Corporation Limited was admitted to insolvency resolution process by order dated 30.08.2018.
NCLAT Delhi held that post approval of resolution plan both by CoC and the adjudicating authority, it cannot be reopened on the basis of claims being belatedly agitated by the appellant. Thus, admission of claim rightly rejected by adjudicating authority.
The appellant/writ petitioner was under Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 initiated by the National Company Law Tribunal, Kochi.
ITAT Mumbai held that disallowance of claim of depreciation in respect of 3G spectrum charges is not justified. Accordingly, depreciation on 3G spectrum charges allowed under section 32(1)(ii) of the Income Tax Act.
Bombay High Court held that order passed without granting an opportunity of being heard is passed against the principles of natural justice and accordingly, is liable to be quashed. Thus, petition is allowed and orders are quashed.
ITAT Chandigarh held that mere statement recorded during the search cannot be treated as incriminating document and hence addition on the basis of the same is not sustainable. Accordingly, appeal of the assessee allowed.
ITAT Mumbai sends Anjuman E Farogh E Islam Trust’s appeal back to CIT(A) for fresh hearing, citing insufficient opportunity to present expense details.
Allahabad High Court sets aside GST demands against non-existent Max Ventures, ruling that proceedings cannot continue post-merger under settled legal principles.
