ITAT Chandigarh deletes ₹32 lakh addition against Pawan International, ruling cash deposits from opening stock sales cannot be treated as unexplained income.
NCLAT Delhi held that initiated proceedings before the Debts Recovery Tribunal does not preclude Financial Creditors to take remedy under Section 7, which is a special remedy provided under the IBC.
ITAT Chennai remands ₹36.5 lakh unexplained loans case for reconsideration after assessee fails to provide sufficient evidence of creditors’ financial capacity.
ITAT Ahmedabad held that non-compliance to notices issued u/s. 250 by CIT(A) resulted into delayed appellate proceedings. Accordingly, cost of Rs. 5,000 imposed on the assessee for lack of diligence.
NCLAT held that contempt proceedings can only be maintained if non-compliance is attributable to an individual, rather than company as an inanimate juristic person
NCLAT Chennai dismisses appeal in P. Jayagovind vs Bijoy Prabhakaran case due to full implementation of the resolution plan under IBC Sections 30 & 31.
NCLAT Chennai rules against Lanco Infratech Employees Welfare Association’s claim for retention allowance, emphasizing lack of legal entitlement.
The ITAT Mumbai dismissed the Revenue’s plea on Section 14A disallowance, ruling that the amendment introduced in Finance Act 2022 is not retrospective.
Bombay High Court dismissed PCIT’s appeal in Pravin U. Parmar’s case, upholding ITAT’s 7% gross profit addition on alleged bogus purchases due to lack of evidence.
Jharkhand High Court grants anticipatory bail to a tax practitioner accused of aiding fraudulent GST registration, subject to conditions of cooperation and security.
