Once Resolution Plan is approved by COC, it is binding on all stakeholders. High Court quashed Assessment order and penalty notice In a recent judgment, Hon’ble Delhi High Court has quashed assessment order holding that once Resolution Plan is approved by COC, it is binding on all stakeholders. …

Coaching Institutes do not run for all months and also students also awarded free coaching- ITAT deleted addition to income – ITAT In a recent judgment, ITAT Patna has deleted addition made to the income of coaching institute observing that there are certain months when coaching classes are …

Exemption u/s 54F can not be denied merely making wife & son as co-owners of property  In a recent judgment, Hon’ble High Court of Punjab and Haryana has held that merely mentioning the names of his wife and son as joint-owners of the property, would not dis-entitle assessee …

No Penalty u/s 271D for cash received before registrar for sale of property – ITAT  In a recent judgment, ITAT Chennai has deleted income tax penalty us/ 271D holding that section 269SS would apply only to advance receivable and the provisions would not apply to transaction that has …

Delay in filing appeal condoned as assessment order was not sent by post but to an inactive email. In a recent judgment, ITAT Cochin has condoned the delay in filing appeal as assessment order was not sent by post. The Tribunal opined that for communication to be complete, …

Recommendations of 53rd GST Council Meeting held on 22.06.2024. The GST Council inter alia made the recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST. GST Council recommends waiving interest and penalties for demand notices issued under Section …