ITAT Hyderabad held that matter of TP adjustment of purchase of raw materials, assembling parts and sale of goods, and interest on trade receivables is remanded back since there are clear mistakes in computation of margins of comparables.
NCLT Mumbai held that resolution plan for Latakisan Construction P. Ltd. as submitted by Successful Resolution Applicant stands approved as approved by 100% Committee of Creditors. Accordingly, resolution plan is allowed.
The Tribunal held that reassessment proceedings fail when the foundational assumption behind reopening is factually incorrect. It ruled that “reasons to believe” must exist in reality at the time of recording, failing which the entire reassessment becomes void ab initio.
The Authority refused to rule on roasted areca nut classification, holding that the issue had already been conclusively decided by a High Court. A statutory bar prevented reconsideration despite tariff renumbering.
The advance ruling held that a vertebral body replacement implant functions as a substitute for an absent vertebra and therefore falls under other artificial parts of the body.
The Tribunal ruled that additions for alleged cash payments cannot survive when based solely on third-party statements and unverified electronic data. Absence of corroboration and denial of cross-examination violated principles of natural justice.
The High Court held that criminal prosecution for delayed TDS payment cannot survive where sanction is granted mechanically without examining explanations and mitigating circumstances.
The issue was whether a reassessment could survive when reasons were recorded after issuing notice. The Tribunal held the reopening invalid as the Assessing Officer lacked prior satisfaction, rendering the entire proceedings void.
The issue was whether a holding company with no operating revenue could claim business expenses. The Tribunal held that making strategic investments to control subsidiaries is itself a business activity, allowing expenses and loss set-off.
Delhi ITAT held that issuing notice under section 148 before recording reasons and obtaining approval is a fatal jurisdictional defect. Reassessment initiated without prior satisfaction was declared void ab initio.
