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...
Once an application under section 220(6) of the Income-tax Act, 1961 was allowed and the assessee was treated as not in default, the consequential demand for the earlier assessment year stood stayed, and the revenue lacked authority to adjust refunds of a later assessment year against that stayed demand. As the assessee had already deposited more than 20% of the disputed tax to secure stay, the adjustment made from the refundable amount of the subsequent assessment year was held impermissible. The revenue was directed to refund the amount adjusted pursuant to the intimation, excluding the amount deposited for stay, within the stipulated time. - HC
Once an application under section 220(6) of the Income-tax Act, 1961 was allowed and the assessee was treated as not in default, the consequential demand for the earlier assessment year stood stayed, and the revenue lacked authority to adjust refunds of a later assessment year against that stayed demand. As the assessee had already deposited more than 20% of the disputed tax to secure stay, the adjustment made from the refundable amount of the subsequent assessment year was held impermissible. The revenue was directed to refund the amount adjusted pursuant to the intimation, excluding the amount deposited for stay, within the stipulated time. - HC
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