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]

ITAT Upholds Deletion of Bogus LTCG Addition, Rules No Evidence of Tax Evasion in Share Transactions [Read Order]

The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has upheld the decision of the Commissioner of Income Tax (Appeals) to delete a ₹5.60 crore addition made under Section 68 of the Income…

Continue ReadingITAT Upholds Deletion of Bogus LTCG Addition, Rules No Evidence of Tax Evasion in Share Transactions [Read Order]

GST Dept Must Grant Time Extension for Submitting Additional Documents When Sought: Madras HC [Read Order]

In a recent ruling, the Madras High Court has held that when a taxpayer requests an extension of time to submit additional documents in response to a show cause notice, the GST…

Continue ReadingGST Dept Must Grant Time Extension for Submitting Additional Documents When Sought: Madras HC [Read Order]