7+ hour, 43+ min ago  (150+ words) Taxscan In a recent ruling, the National Company Law Tribunal, Kolkata Bench, has held that the loan advanced to online gaming firm Omnibay'Private'Limited carried the "time value of money," thereby qualifying as a financial debt under Section'7 of the Insolvency…...

11+ hour, 14+ min ago  (577+ words) In a recent ruling, the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi held that company failed to pass on full GST input tax credit (ITC) benefit to eligible homebuyers in its real estate…...

14+ hour, 21+ min ago  (224+ words) The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, allowed an appeal as the jurisdiction applied was invalid against a non-existent/deceased person. The proceedings were initiated under Section 142 not Section 159 in which is the jurisdiction for legal representatives. The assessee,…...

15+ hour, 16+ min ago  (340+ words) The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, remanded addition made under Section 69 of the Income Tax Act after finding that the issue required verification of bank transactions and correlation of deposits and payments relating to PACS activities. The assessee,…...

1+ day, 6+ hour ago  (193+ words) The Supreme Court has upheld the Rajasthan High Court's decision directing the government to grant a "step-up" of pay to senior Income Tax Gazetted Officers to place them on par with their juniors. Dismissing the Special Leave Petition filed by…...

1+ day, 12+ hour ago  (243+ words) In a recent ruling, the Calcutta High Court dismissed a suit for recovery of money relying on the Income Tax Returns, holding that the failure of a money-lender to produce a license under the Bengal Money Lenders Act, 1940, is fatal…...

2+ day, 7+ hour ago  (399+ words) The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) ruled that sending Cenvat-availed inputs to job workers after reversing credit under Rule 3(5) of the Cenvat Credit Rules does not amount to trading activity. Star Battery Ltd....

2+ day, 7+ hour ago  (209+ words) The Income Tax Appellate Tribunal (ITAT) Rajkot Bench has held that where the sales and consumption recorded by the assessee are not disputed the entire amount of alleged bogus purchases cannot be added under Section 69 C of the Income Tax…...

2+ day, 11+ hour ago  (397+ words) The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) set aside customs duty demand and penalties against a bags importer after finding that the department relied upon e-mail printouts and electronic records without complying with the…...

2+ day, 13+ hour ago  (264+ words) The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Chennai Bench, allowed an appeal and held that the inclusion of air ticket charges was not permitted in the taxable value of Tour Operator Service. Also Read: CESTAT Sets Aside "5. 31 Crore…...