Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Subsidy received under the State Mega Project incentive scheme was held revenue in nature because it was linked to electricity duty/stamp duty exemptions and VAT/CST-linked promotion subsidy, not to acquisition of any specific fixed asset; Explanation 10 to section 43(1) was inapplicable and the receipt was taxable as income under section 2(24)(xviii), rejecting the claim of capital receipt/exemption. CPC's prima facie adjustment under section 143(1)(a)(ii) adding the subsidy was upheld since the return contained an apparent mismatch and incomplete exempt-income disclosure, warranting correction, and the first appellate order was reversed. Disallowance of delayed employees' PF/ESIC was remanded to examine the "advance deposit" plea. Alleged understatement of duty drawback was remanded for reconciliation. - ITAT
Subsidy received under the State Mega Project incentive scheme was held revenue in nature because it was linked to electricity duty/stamp duty exemptions and VAT/CST-linked promotion subsidy, not to acquisition of any specific fixed asset; Explanation 10 to section 43(1) was inapplicable and the receipt was taxable as income under section 2(24)(xviii), rejecting the claim of capital receipt/exemption. CPC's prima facie adjustment under section 143(1)(a)(ii) adding the subsidy was upheld since the return contained an apparent mismatch and incomplete exempt-income disclosure, warranting correction, and the first appellate order was reversed. Disallowance of delayed employees' PF/ESIC was remanded to examine the "advance deposit" plea. Alleged understatement of duty drawback was remanded for reconciliation. - ITAT
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