Expenditure Incurred on Leasehold Premises Satisfies Test of Ownership: ITAT Upholds Depreciation Deduction as Capital Expenditure [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the depreciation deduction for improvements made to leasehold premises, dismissing the revenue’s appeal against the deletion of an addition of…

Continue ReadingExpenditure Incurred on Leasehold Premises Satisfies Test of Ownership: ITAT Upholds Depreciation Deduction as Capital Expenditure [Read Order]

MCA Orders Strike-Off of Company for Failing to File Declaration of Commencement of Business Under Section 10A [Read Order]

The Ministry of Corporate Affairs (MCA) has struck off a company for failing to comply with Section 10A of the Companies Act, 2013, which mandates a declaration of commencement of business. The…

Continue ReadingMCA Orders Strike-Off of Company for Failing to File Declaration of Commencement of Business Under Section 10A [Read Order]

No Two Assessment Orders for the Same Tax Period Can Operate Simultaneously: Orissa HC Invalidates Ex Parte Order [Read Order]

In a recent ruling, the Orissa High Court held that two GST ( Goods and Services Tax ) assessment orders for the same tax period cannot operate at the same…

Continue ReadingNo Two Assessment Orders for the Same Tax Period Can Operate Simultaneously: Orissa HC Invalidates Ex Parte Order [Read Order]

NCLAT holds Investment Under Reseller Agreement Lacks ‘Financial Debt’ Ingredients and Dismisses S. 7 Plea as Abuse of CIRP Process [Read Order]

Subscribe to our Newsletter The Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) held that the investment under the reseller agreement lacks ‘financial debt’ ingredients under the Insolvency and Bankruptcy…

Continue ReadingNCLAT holds Investment Under Reseller Agreement Lacks ‘Financial Debt’ Ingredients and Dismisses S. 7 Plea as Abuse of CIRP Process [Read Order]

FTC Claim Not Denied Despite Delay as Filing of Form 67 Held Directory, Not Mandatory: ITAT [Read Order]

The Tribunal observed that the AO erred in denying credit for FTC even though the necessary form had been placed on record before the assessment order was passed. The Hyderabad Bench of…

Continue ReadingFTC Claim Not Denied Despite Delay as Filing of Form 67 Held Directory, Not Mandatory: ITAT [Read Order]

Delhi HC Finds No Valid Ground to Withhold ₹10 Lakh GST Refund, Orders Processing With Statutory Interest [Read Order]

The refund application, originally filed in June 2019, had remained unprocessed as the Department claimed a deficiency memo had been issued but later admitted it could not be traced.The High…

Continue ReadingDelhi HC Finds No Valid Ground to Withhold ₹10 Lakh GST Refund, Orders Processing With Statutory Interest [Read Order]