Karnataka High Court held that mere change in route, without intention to evade tax, cannot attract penalty under section 129 of the KGST Act. Accordingly, order passed is illegal, arbitrary and contrary to law and hence petition is allowed.
Indian City Properties Limited Vs PCIT (ITAT Kolkata) The Tribunal held that the invocation of Section 263 on the proposal of the AO is not sustainable under the Act, as the PCIT failed to independently apply his mind and record satisfaction of the twin conditions. The assessment was completed under Section 143(3) r.w.s. 144B after […]
The ITAT held that a penalty under Section 271D cannot survive without recorded satisfaction by the Assessing Officer during pending assessment proceedings.
The Tribunal ruled that non-compliance with the faceless reassessment scheme strikes at jurisdiction itself. JAO-issued notices post-notification were held legally unsustainable.
Delhi High Court held that strict adherence to the procedural requirements under the SARFAESI Act and Rules 8 and 9 of the SARFAESI Rules cannot be insisted, as the sale of the secured asset was undertaken with the unequivocal consent of the borrowers. Accordingly, appeal is allowed.
NCLAT Delhi held that intention to defraud creditors of Corporate Debtor was based on documentary evidence, accordingly, all the ingredients under section 66 of the Insolvency and Bankruptcy Code are attracted. Thus, appeal lacks merits and hence dismissed.
ITAT Chandigarh held that initiation of revisionary proceeding under section 263 of the Income Tax Act for non-verification of notional interest cannot be justified since notional interest is not liable to be taxed in current year but is taxable only upon maturity hence there cannot be any evasion of tax.
Tribunal held that a company engaged in diversified IT consultancy and transformation services cannot be compared with a routine software development service provider
The Tribunal held that advances linked to regular business dealings such as sale of timeshare weeks cannot be taxed as deemed dividend, reaffirming that commercial transactions fall outside section 2(22)(e)
NCLAT ruled that commercial borrowing with agreed interest constitutes financial debt even without a formal loan agreement
