The ITAT has ruled that once a "corporate debtor is sold as a going concern," only the "claims filed before the liquidator survive," and has directed the AO to "re-examine the…
11/09/20251 min read
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The ITAT has ruled that once a "corporate debtor is sold as a going concern," only the "claims filed before the liquidator survive," and has directed the AO to "re-examine the…
The NCLAT has ruled that an "application under Section 7 of the IBC cannot be barred merely because of the pending consideration of an OTS" One-Time Settlement before lenders.…
The Institute of Chartered Accountants of India ICAI has requested an extension for the income tax audit report due date. The request cites complexities and operational challenges…
The Securities and Exchange Board of India SEBI has introduced a new co-investment framework for Alternative Investment Funds AIFs through Co-Investment Vehicle CIV schemes. This…
The NCLT has ruled that "unconditional consent by a sole financial creditor is sufficient for the withdrawal of CIRP regulations." This decision is a crucial reminder to all that…
The ITAT has ruled that "shares held for 33 months, sold on a recognized exchange," and with "STT duly paid," cannot be considered "bogus LTCG under Section 68," rejecting the…
The CESTAT has ruled that "consultancy services delivered outside India do not attract service tax liability," noting that the "correlation of FIRC's and invoices is procedural."…
In a relief for SBI, the NCLT has ruled that "lease dues incurred during CIRP prior to the vesting date are payable to the financial creditor." This decision clarifies the legal…
The Madras High Court has ruled that the "GST department must issue separate notices for each financial year," and has "struck down bunched notices for 2018-2024." This decision…
The Madras High Court has ruled that "Section 173 5 Cr.P.C. is not applicable to Central Excise prosecutions based on a private complaint." This decision is a crucial reminder to…
The Chhattisgarh High Court has ruled that "electricity supplied to a township" is "not in the course or furtherance of business," so "no ITC is allowed." This decision clarifies…
The CESTAT has ruled that "claiming a customs exemption or classification on a bill of entry" is "not a mis-declaration," and that there is "no suppression when identical…
The Securities and Exchange Board of India SEBI has "eased compliance for FPIs investing only in government securities." This is a significant move for the company, as it faces a…
The CESTAT has ruled that "exemption notifications override CBEC circulars," and that "jewellery exports need not be made only from imported gold." This decision provides a…
The ITAT has deleted an addition, ruling that an "STCG claim on shares" was "genuine" as the "purchase was through a recognised stock exchange, banking channel, and demat proof…
The ITAT has waived a late fee, finding that "medical grounds were genuine" as "TDS was paid with interest" and "quarterly returns were filed before the 4th quarter." This…
The NCLAT has ruled that "EPFO dues from post-liquidation assessments are not admissible." This decision clarifies the legal standing of claims made by the EPFO during the…
The CESTAT has ruled that "Customs authorities cannot levy a redemption fine beyond the market value of seized goods" under the "less duty payable" rule. This decision provides a…
The CBIC Chairman has urged for "outreach" as "reduced GST rates on 375 items" take effect from September 22. This is a significant setback for the company and highlights the…
The GST on paperboard has been raised to 18%, and printers are warning of the impact on "students and jobs." The move is a significant step towards a more user-friendly and less…
FAIDA has warned that "GST rate cuts may fail consumers without clear guidelines." This is a significant setback for the company and highlights the challenging business…
A Chartered Accountant has been held for "passing fake invoices worth ₹11.72 crore in a GST fraud." This is a significant setback for the company and highlights the challenging…
The CBIC Chairman has stated that "GST rate cuts may boost consumption" and "offset a ₹48,000 crore revenue loss." The move is a significant step towards a more user-friendly and…
Finance Minister Nirmala Sitharaman has stated that the "GST slab rationalisation was 18 months in the making," and was "not a reaction to US tariffs." This is a significant move…
The CBIC Chairman has stated that there will be "no GST cuts on sin goods," but a "single rate structure" may be possible in the future. The move is a significant step towards a…
A Bengaluru woman has lost ₹3.75 crore after "falling for an AI-generated deepfake video of Sadhguru." This is a significant setback for the company and highlights the challenging…
Wehouse has netted "₹2.5 crore to streamline home construction." This is a significant move for the company, as it aims to strengthen its position in the commercial vehicle…
The GST reforms are being hailed as a transformative measure poised to empower the youth, promote a culture of fitness, and significantly enhance the ease of living for all…
The recent GST rate cuts on automobiles and heavy industries are widely expected to provide a significant stimulus to the economy. This policy decision is aimed at boosting…
Prime Minister Narendra Modi has called upon NDA Members of Parliament to actively promote the upcoming GST 2.0 and the 'Make in India' initiative in their respective…
The Ministry of Consumer Affairs has granted a significant concession, permitting businesses to affix a revised Maximum Retail Price MRP on their unsold stock to reflect recent…
As part of the next-generation GST overhaul, staple food items have been made entirely tax-free, a move aimed at providing significant relief to households and ensuring food…
A poignant case has emerged where a poor dhaba cook, who was allegedly duped into a complex bank fraud, is now facing an enormous ₹46 crore income tax notice. This alarming…
The Supreme Court has intervened in a case concerning an income tax refund for an educational institution, modifying a Punjab and Haryana High Court order. The apex court has…
The Supreme Court is set to hear a crucial case concerning the classification of imported vehicles, specifically a "personnel carrier," a "mining service vehicle," and a "dump…
The Securities and Exchange Board of India SEBI has officially notified amendments to the Alternative Investment Funds AIF Regulations. This is a significant regulatory…
The Securities and Exchange Board of India SEBI has notified a second amendment to its Issue of Capital and Disclosure Requirements ICDR Regulations. This is a significant…
The Madras High Court has granted a person, who is accused of offenses under the Customs Act, permission to renew their passport. The court's decision was based on the applicant's…
The Delhi High Court has declined to intervene with a Customs order concerning the provisional release of tempered glass labeled "Made in China." The court's decision, which is a…
The NCLAT has ruled that a "limitation period can be reset" when "pleadings regarding part payments are supported by a written acknowledgment." This decision provides crucial…
The ITAT has granted partial relief to a taxpayer whose ₹4.5 lakh cash deposit, claimed as a gift from a deceased grandmother, lacked sufficient evidence. The tribunal, while…
The ITAT has ruled that an addition made due to purchases from non-filing suppliers should be deleted, as the assessee was able to furnish proof of the genuineness of the…
The CESTAT has set aside a new order, ruling that a request for a service tax refund re-computation was improperly treated as a fresh claim without complying with the appellate…
The ITAT has upheld a CITA decision to delete a ₹3 crore addition for non-filing suppliers, as the assessee had furnished complete evidence of the genuineness of the transactions.…
The Delhi High Court has clarified the procedure for filing cases under Section 138 of the Negotiable Instruments Act for cheque dishonor. The court has ruled that such a case can…
The ITAT has ruled that a minor daughter's share of funds, which were deposited as per a court order, cannot be clubbed with her father's income. This decision is a significant…
The Karnataka High Court has upheld an ITAT decision, ruling that a draft assessment order is mandatory for any variation in the Arm's Length Price ALP under Section 144C of the…
The ITAT has ruled that an income assessed in a proprietor's hands cannot be assessed again in the hands of a dissolved partnership. This decision prevents double taxation and…
In a relief for Nippon India, the ITAT has ruled that the disallowance under Section 14A read with Rule 8D applies only to investments yielding exempt income. This decision…
The Karnataka High Court has upheld the ITAT's remand order regarding the rejection of a time-barred 80G registration application, considering the CBDT's extended deadline. This…
The ITAT has ruled that once a "corporate debtor is sold as a going concern," only the "claims filed before the liquidator survive," and has directed the AO to "re-examine the…
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