News & Updates Latest Tax newsS.10A of IBC cannot be considered Valid Defence on Establishment of Valid Default Date: NCLAT [Read Order] November 6, 2024The Principal bench of the National Company Law Appellate Tribunal ( NCLAT ), held that section 10 A of the Insolvency Bankruptcy Code ( IBC ) cannot be considered valid defence on establishment of valid default date. The appeal was filed by a suspended director of the corporate debtor , Point Developers Ltd.The case involves […] IrfanDelhi HC upholds Transactional Net Margin Method as Appropriate Method for Calculating Arm’s Length Price Over TPO’s Alternative Method [Read Order] November 6, 2024In a recent ruling, the Delhi High Court upheld the use of the Transactional Net Margin Method ( TNMM ) as the appropriate approach for calculating the arm’s length price ( ALP ) over the alternative “other method” suggested by Transfer Pricing Officer ( TPO ) in a transfer pricing dispute involving substantial adjustments. The […] LubnaCBIC Notification allows to Apply for Rectification u/s 148 of OGST Act within period of 6 Months: Orissa HC allows Petition [Read Order] November 6, 2024In a recent case, the Orissa High Court allowed the writ petition as the Central Board of Indirect Taxes, Customs ( CBIC ) notification allowed the assessee to apply for rectification under section 148 of Orissa Goods and Service Tax Act ( OGST ) Act,2017 within period of 6 months. Mrs. Wallace, advocate appears on behalf of […] RonkrishnaITAT distinguishes b/w Total Business Turnover & Business Income, quashes Ex-Parte Additions u/s 69 of Income Tax Act [Read Order] November 6, 2024In a recent case before the Income-tax Appellate Tribunal (ITAT), Nagpur the tribunal quashed ex-parte additions made under Section 69 of the Income Tax Act ( the Act from hereon) and remarked on the difference between Total Business Turnover and Business Income. The assessee, Akash Anand Puri filed an appeal challenging the impugned order passed […] RonkrishnaOrders Contrary to or Disregarding Court Directions Deemed Unsustainable and Jurisdictionally Defective: Madras HC quashes Income Tax assessment [Read Order] November 6, 2024In a recent ruling, the Madras High Court has quashed an Income Tax assessment order for failing to comply with prior court directions. The court emphasized that any order issued contrary to or in disregard of its direction cannot be sustained, as it is deemed jurisdictionally defective. Vaani Estates Private Limited was initially owned by […] IrfanInformers’ Rewards under SVLDR Scheme qualify as ‘Ex-Gratia’ Payments: Delhi HC dismisses Writ seeking Full Reward [Read Order] November 6, 2024The Delhi High Court dismissed the Writ filed seeking the Full Reward to the Petitioner, SC Gupta as the Informer’s Rewards Under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 qualified as an Ex-Gratia Payments. According to the Current Facts of the case the Petitioner, S.C Gupta claimed that he had furnished essential information regarding […] RonkrishnaCESTAT Rules Assembling Imported TV Parts Qualifies as ‘’Manufacture”, allows Concessional Duty [Read Order] November 6, 2024In a recent decision, the Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ) ruled that assembling imported television parts constitutes “manufacture,” entitling the applicant to reduced customs duty rates under the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017. The case started in September 2017 when the assessee-manufacturer, Bossh Technology, […] DevayaniCentral Govt releases GST Revenue Collection Report for October 2024 November 6, 2024The Central Government has released the Goods and Services Tax ( GST ) Revenue Collection Report pertaining to the month of October, 2024. In October 2024, the Goods and Services Tax ( GST ) collections in India demonstrated a notable increase Year over Year, reflecting the robust economic activities and compliance efforts within the country. […] DevayaniIncome Tax Act Revamp: Finance Ministry receives 6,500 Suggestions through Portal within 1 month, here’re the Suggestions we Received November 6, 2024The Finance Ministry has said that it received 6,500 suggestions through the income tax portant with regards to the revamp of income tax act. The ministry opened the portal for suggestions on October 6, 2024. Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman chaired a recent high-level meeting to discuss this comprehensive review, […] DevayaniITAT Remands Case to CIT(E) for Fresh Hearing, Citing Violation of Natural Justice in Ex-Parte Order [Read Order] November 6, 2024The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the case to the Commissioner of Income Tax (Exemption) [CIT(E)] for a fresh hearing, citing a violation of natural justice in the issuance of an ex-parte order. Masani Meldi Sadhana Foundation, appellant-assessee,filed an appeal against the order of the CIT(E), dated 26.02.2024. The […] Ronkrishna