Madras High Court rules 300% penalty under TNVAT Act Sec. 27(4) can’t be applied solely for delayed returns. Case remanded for reconsideration.
ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approval. Appeal dismissed.
CESTAT Bangalore held that cross-model utilisation of discount resulting into undervaluation are inadmissible under section 4 of the Central Excise Act, 1944.
ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence submitted justifying the transaction is totally unlawful and accordingly liable to be set aside.
Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary’. The same cannot be treated as capital receipt.
Patna HC quashes re-assessment order against liquidated company, emphasizing the Liquidator’s right to be heard under the IBC. Re-assessment to proceed with Liquidator’s participation.
NCLT Mumbai held that the object of the Insolvency and Bankruptcy Code, 2016 [IBC] is not to admit a Corporate Debtor [CD] into Corporate Insolvency Resolution Process [CIRP] when there is pre-existing dispute between the parties.
Gujarat High Court held that Geo Membrane for water proof lining fabrics is classifiable under HSN Code 59111000 liable to GST @12% and not under HSN Code 39269090. Thus excess GST paid is allowable as refund.
ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the order is erroneous and prejudicial to the interest of revenue.
Punjab & Haryana HC rules arrest under Section 69 of CGST Act is invalid without tax determination under Sections 73/74. Case: Vishal Chauhan Vs Haryana GST.
