The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application ought to have been filed before the DRT was not valid.
Assessee had satisfactorily explained the source of credits in his books and consequently, CIT(A) had rightly deleted the additions after relying on various judgments made by AO.
It was held that CoC in the legislative scheme was empowered to take decision to liquidate the Corporate Debtor, any time after its constitution and before confirmation of the resolution plan.
ITAT Jodhpur held that if the books of accounts are rejected, and net profit is estimated by application of net profit rate, there cannot be again addition on account of any disallowance based on the same set of books of accounts. Thus, addition u/s. 40(a)(ia) set aside.
ITAT Delhi held that denial of exemption under section 54B of the Income Tax Act for purchase of agricultural land in the name wife of the assessee is not justifiable. Accordingly, denial of benefit of deduction set aside.
NCLAT Delhi held that as per expressed provisions of section 101(1) of the Insolvency and Bankruptcy Code, 2016 moratorium period cannot be extended beyond 180 days. Accordingly, appeal dismissed.
ITAT Raipur held that exemption under section 11 and section 12 of the Income Tax Act not admissible to assessee society due to non-furnishing of return of income as required u/s. 12A(1)(b) of the Income Tax Act.
Supreme Court upholds CESTAT’s decision, ruling no service tax is applicable on reimbursement of expenses, as no service element exists.
When an assessee deposes on oath giving explanation of the reasons and circumstances for investment, the same could not be brushed aside on the basis of general principles of the modus operandi of bogus LTCG claims.
NCLAT Delhi dismisses Kotak Mahindra Bank’s appeal, ruling that delays beyond 15 days under Section 61(2) of IBC cannot be condoned.
