Delhi High Court held that gains from legal transaction emanating from an illegal act would still be construed as “proceeds of crime” under the Prevention of Money Laundering Act, 2002. Thus, profits from artificially elevated share price qualifies as proceeds of crime and hence attachment justifiable.
ITAT Delhi invalidated a reassessment under Sections 144/147, citing mechanical approval by authorities and incorrect statutory references. The ruling reinforces that higher authorities must apply proper legal mind when granting sanction under Section 151.
ITAT observed that applying an upper turnover filter is essential in transfer pricing cases where the assessee’s turnover is much lower. It ordered exclusion of big IT majors from the comparable list and directed fresh computation of ALP.
ITAT Mumbai deleted a penalty under Section 271(1)(c) because the notice failed to specify whether it targeted concealment of income or inaccurate particulars. The ruling highlights the need for clarity in issuing tax penalties.
ITAT Mumbai held that no extrapolation can be done on estimation basis in absence of any incriminating material. Accordingly, addition rightly deleted by CIT(A). Thus, order of CIT(A) upheld and appeal of revenue dismissed to that extent.
Telangana High Court held that order passed under GST without considering grounds urged by the petitioner is not sustainable. Accordingly, order set aside and matter remitted back for fresh consideration.
NCLT Chennai held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor (Soundararaja Mills Limited) admitted as twin condition i.e. debt and default fulfilled.
NCLT Delhi held that application under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against Corporate Debtor [Era Infrastructure (India) Ltd.] admitted since financial debt and default thereon duly proved.
NCLT Delhi held that application under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against Haridwar Highway Project Limited [Corporate Debtor] admitted since financial debt and default thereon established.
Gujarat High Court permits furnishing of pending GST returns, in the matter of cancellation of GST registration due to non-filing of return for continuous period of six months, since substantial amount of outstanding tax with interest and late fees already deposited.
