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Judiciary

Lien created prior to initiation of CIRP cannot sustain during moratorium u/s 14 of IBC

July 22, 2023 945 Views 0 comment Print

NCLT Mumbai held that lien created prior to the initiation of the ‘Corporate Insolvency Resolution Process cannot sustain during moratorium under section 14 of Insolvency Bankruptcy Code (IBC).

ITAT Allows Foreign Tax Credit for Taxable Employment Bonus

July 22, 2023 525 Views 0 comment Print

Explore the critical decision in Souvik Mukherjee Vs ITO (ITAT Delhi) regarding taxation of a bonus received abroad, and how it impacts Foreign Tax Credit regulations.

Notice issued by ITO Delhi post transfer of jurisdiction to ITO Kolkata is bad & illegal

July 22, 2023 780 Views 0 comment Print

ITAT Kolkata held that once the jurisdiction of the assessee is transferred from Delhi to Kolkata, every action for all the assessment year lies with ITO, Kolkata. Accordingly, notice issued u/s 148 by ITO, New Delhi is bad and illegal.

CESTAT Upholds CHA License Revocation on Absence of Evidence

July 22, 2023 204 Views 0 comment Print

CESTAT Bangalore has upheld the decision to revoke the suspension of Bon Freight’s CHA license, due to lack of conclusive evidence pointing towards their involvement in irregularities.

No Section 272A(1)(c) penalty if Reasonable cause shown for delay in providing details

July 22, 2023 1167 Views 0 comment Print

ITAT Mumbai held that penalty under section 272A(1)(c) not warranted as reasonable cause shown for delay in providing the details by the assessee and later in the end, the assessee had shared all the relevant details.

Cooperative Society’s Interest Earnings from cooperative banks: Deduction u/s 80P(2)(d) Available

July 22, 2023 846 Views 0 comment Print

ITAT Pune held that interest income earned by the cooperative society from the investment with cooperative banks qualifies for deduction under section 80P(2)(d) of the Income Tax Act.

Transitional credit claim for period prior to approval of resolution plan by NCLT is not allowable

July 22, 2023 567 Views 0 comment Print

Jharkhand High Court held that as liability of earlier management cannot be shifted to current management, similarly, credit of earlier management cannot be shifted to current management. Hence, claim of transitional credit prior to the approval of the resolution plan by the National Company Law Tribunal (NCLT) is not allowable.

No Penalty for One-Day E-way Bill Expiry Delay

July 22, 2023 1326 Views 0 comment Print

In a significant ruling, the Calcutta High Court held that a less than a day delay in the expiry of an E-way bill due to reasons beyond control is excusable, setting aside penalties in the case of Ashok Mishra Vs State of West Bengal & Ors.

जीएसटी धारा 69 की वैधता – आशीष कक्कड़ मामले में इलाहाबाद उच्च न्यायालय के फैसले का विश्लेषण

July 22, 2023 1341 Views 0 comment Print

Dive into the legal challenge against Section 69 of CGST Act. Sri Vikram Chaudhary vs. Union of India. Arrest, confession, and constitutional arguments explored.

No Section 271(1)(c) Penalty if no Variation in Returned & Assessable Income

July 22, 2023 9240 Views 0 comment Print

ITAT has held in the case of Meera Anirudha Mirgunde Vs ITO that when there is no variation in the returned and assessable income, penalty under section 271(1)(c) of the Income Tax Act is not leviable.

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