Telangana High Court held that sale of undertaking as a going concern falls within the definition of a slump sale as set out in Section 2(42C) of the Income Tax Act hence section 41(2) dealing with taxation of gains on sale of certain depreciable assets doesn’t apply.
The Kerala High Court held that scrutiny of exempted trust returns was correctly conducted as complete scrutiny, allowing assessment of appropriation of receipts under Section 12A.
The reassessment notice under Section 148 issued after 01.04.2021 did not comply with the amended provisions requiring enquiry and hearing. The NFAC held the reassessment order void ab initio. This ruling emphasizes strict adherence to procedural safeguards under amended law.
The NFAC remitted a statutory authority’s taxability under Section 2(15) to the AO for fresh consideration. The assessee’s exemption claims under Sections 11 and 12 were disputed. The ruling ensures reassessment aligns with Supreme Court guidelines and provides a fair hearing.
ITAT Delhi deletes ₹38 lakh additions under Sections 68 and 69A, accepting that agricultural income was misreported due to a clerical error and demonetization cash was properly explained.
A GST demand and recovery order was invalidated as the issuing officer acted beyond jurisdiction. The matter is remitted to a new officer for reconsideration. This ensures fair process and proper application of the law.
NCLAT Delhi held that penalty imposed by Competition Commission of India [CCI] of Rs. 213.14 crore upon Meta upheld on sharing WhatsApp user data with other Meta companies. Accordingly, appeal partly allowed.
ITAT allowed the appeal for statistical purposes, citing genuine non-receipt of the order by the assessee and restored the matter for reconsideration.
The ITAT restored a charitable trust’s registration issue to CIT(E) after allowing additional evidence, emphasizing proper verification of documents before rejecting applications.
Tribunal holds that reassessment proceedings under Sections 147/148 are invalid as the notice was issued beyond the extended due date, following Supreme Court guidance in Rajeev Bansal.
