Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
Whether deduction under Section 10B could be disallowed by way of prima facie adjustment in an intimation under Section 143(1) was examined. Since the allowability of the deduction was a debatable issue requiring scrutiny of factual and legal records, it fell outside the permissible scope of Section 143(1); the disallowance was therefore quashed and the deduction restored. Separately, the impugned rectification order was held time-barred under Sections 154(6) and 154(7), rendering it null and void; consequential refund of adjusted amounts with applicable interest was directed within eight weeks. - HC
Whether deduction under Section 10B could be disallowed by way of prima facie adjustment in an intimation under Section 143(1) was examined. Since the allowability of the deduction was a debatable issue requiring scrutiny of factual and legal records, it fell outside the permissible scope of Section 143(1); the disallowance was therefore quashed and the deduction restored. Separately, the impugned rectification order was held time-barred under Sections 154(6) and 154(7), rendering it null and void; consequential refund of adjusted amounts with applicable interest was directed within eight weeks. - HC
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