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Supreme Court Upholds Committee of Creditors Wisdom in Essar Steel Resolution
Explore how the Supreme Court prioritized the commercial wisdom of creditors in the Essar Steel insolvency resolution case, limiting appellate review.
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Calcutta High Court Rules Section 245 Order Essential for Withholding Tax Refunds
Calcutta High Court mandates a formal Section 245 order to withhold appellate income tax refunds, directing the processing of Vodafone Idea claims.
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ITAT Mumbai Rules Section 263 Cannot Trigger Roving Enquiry After Assessment
ITAT Mumbai quashes a Section 263 revision order, ruling that tax authorities cannot launch roving enquiries after proper AO verification.
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Madras High Court Rules Section 13 Violation Does Not Deny Entire Trust Exemption
Madras HC clarifies that Section 13(1)(d) violations attract maximum marginal tax only on affected trust income, not the entire income.
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Rajasthan High Court Directs Processing of Tax Settlement Applications
The Rajasthan High Court mandates the Interim Board to review tax settlement applications filed by September 30, 2021, without preliminary eligibility bars.
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Kerala High Court Permits Income Tax Settlement Applications for Searches Before April 2021
Kerala HC rules that income tax searches conducted by March 31, 2021, qualify for settlement if applications were submitted by September 30, 2021.
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Calcutta High Court Rules PCIT Cannot Ignore Section 153A Assessment in Section 263 Revision
Calcutta HC upholds the quashing of a Section 263 revision, ruling that the PCIT cannot ignore a subsequent Section 153A assessment verifying share capital.
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BSNL VRS Compensation Exempt as Retrenchment Pay ITAT Pune Ruling
ITAT Pune rules BSNL VRS 2019 payments qualify as exempt retrenchment compensation, allowing employee appeals and refund verification.
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ITAT Ahmedabad Approves Section 80P Deduction on Co-operative Bank FD Interest
ITAT Ahmedabad allows Section 80P(2)(d) deduction on fixed deposit interest earned from co-operative banks, aligning with the Gujarat High Court precedent.
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ITAT Remands Penny Stock LTCG Addition for Fresh CIT(A) Hearing
ITAT Raipur remands an 8.94 lakh penny stock LTCG addition involving a legal heir, directing the CIT(A) to conduct a proper Section 250 enquiry.