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NEW DELHI: In a jolt to telecom firms, the Supreme Court has dismissed a batch of pleas filed by companies, including Vodafone Idea and Bharti Airtel, seeking correction of alleged errors in the Adjusted Gross Revenue. A bench comprising Chief Justice D Y Chandrachud and Justices Sanjiv Khanna and B R Gavai also rejected the plea of telcos seeking to …

The Delhi Bench of Income Tax Appellate Tribunal has held that the computation of six assessment years for search assessments under Section 153C of the Income Tax Act starts from the date of receiving seized documents.The bench of Saktijit Dey and Naveen Chandra has relied on the decision of the Supreme Court in the case of CIT vs. Jasjit Singh,. …

The Mumbai Bench of Income Tax Appellate Tribunal has directed the ALP Computation Towards Guarantee Commission at a rate of 0.3523% in the case of Macrotech Developers.The bench of Kuldip Singh and Padmavathy S. has observed that the rate of guarantee commission is required to be determined on the basis of the credit rating of the issuer company. The Mumbai …

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, while adjudicating an appeal filed in M K Overseas Export Pvt. Ltd. v Sapan Mohan Garg, has held that the duration of summer vacation of NCLAT cannot be excluded from computation of limitation period, since filing facility was not …

The Kolkata Bench of the Income Tax Appellate Tribunal, consisting of Aby T Varkey and Girish Agarwal, has directed the assessing officer to allow the depreciation on molasses tanks by making the correct computation of new assets. The CIT, in respect of the claim of depreciation on the molasses tank, directed the AO to allow depreciation after verifying that the …