Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
The dominant issue was whether, after DRP directions, the AO could complete proceedings to give effect to those directions beyond the mandatory time limit under s.144C(13), on the plea that remand proceedings are exempt from the statutory timeline. The court held that s.144C(13) imposes a binding and strict time frame, and where the statute prescribes a manner and timeline, it must be complied with; permitting completion beyond limitation would negate the mandatory provision. Consequently, the pending proceedings to implement the transfer pricing addition were held time-barred, the adjustment was treated as non est, and the total income for AY 2012-13 was directed to be recomputed excluding it - HC
The dominant issue was whether, after DRP directions, the AO could complete proceedings to give effect to those directions beyond the mandatory time limit under s.144C(13), on the plea that remand proceedings are exempt from the statutory timeline. The court held that s.144C(13) imposes a binding and strict time frame, and where the statute prescribes a manner and timeline, it must be complied with; permitting completion beyond limitation would negate the mandatory provision. Consequently, the pending proceedings to implement the transfer pricing addition were held time-barred, the adjustment was treated as non est, and the total income for AY 2012-13 was directed to be recomputed excluding it - HC
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