The Tribunal held that once sale proceeds are reduced from the asset block under section 43(6)(c), no separate tax can be levied on book profit. The addition was deleted to prevent double taxation.
Rajasthan High Court held that rejection of tender bid due to non-filing of GSTR-3B return constitutes material deviation since filing of GSTR-3B is mandatory tender condition. Accordingly, writ petition dismissed.
The High Court granted bail to an applicant who had absconded for 14 years, noting his clean record, prior compliance, and undertaking to cooperate in trial proceedings.
The Tribunal held that AO must recompute capital gains considering purchase cost, indexation, and stamp duty, instead of merely adding the section 50C deemed value difference.
ITAT Mumbai upholds CIT(A) decision allowing depreciation on goodwill created during amalgamation. Revenue appeals dismissed for 2018-19 and 2020-21 assessments.
The Tribunal held that the 2022 amendment cannot shorten the utilization period for past accumulations. Only the unspent Rs.90,000 was taxable, not the entire Rs.6,75,000.
ITAT Visakhapatnam held that amount paid to clear mortgage/encumbrances on title of property is rightly claimed as deduction under section 48(1) of the Income Tax Act. Accordingly, appeal of revenue is dismissed.
The High Court held that a six-month delay in filing a statutory revision under the Customs Act cannot be condoned. The Court found no justification for the delay and refused to exercise writ jurisdiction.
he Court held that the challenged letter was only a preliminary query, not a show cause notice. The petitioner must reply, after which authorities may close the matter or issue a formal notice with proper legal provisions.
The Court set aside the ex-parte GST order after finding the taxpayer had no proper chance to respond to the show cause notice. The matter was remanded for fresh adjudication while the validity of related notifications remains pending before the Supreme Court.
