The Tribunal held that a reopening made after three years is void when approval is granted by the PCIT instead of the PCCIT/CCIT. The entire reassessment and related disallowance were struck down.
Since JIL had already received the entire principal amount determined as its entitlement, and neither the interim nor the final orders of this Tribunal conferred any right to claim interest for the period preceding actual disbursement
Explains the statutory penalties, interest, and financial losses triggered by belated ITR filing. Highlights real case examples showing how even minor delays cause significant extra costs.
The Tribunal held that advances originating from bank cash-credit facilities secured by the shareholder’s personal assets are commercial transactions, not deemed dividend. The addition under section 2(22)(e) was therefore removed.
Explains how India taxes VDA gains at a flat 30% with limited deductions. Highlights the strict rules on losses and compliance obligations.
High Court sets aside penalty imposed under Section 129(1)(b), directing authorities to apply Section 129(1)(a) where goods were accompanied by tax invoice.
The Tribunal held that once sale proceeds are reduced from the asset block under section 43(6)(c), no separate tax can be levied on book profit. The addition was deleted to prevent double taxation.
Rajasthan High Court held that rejection of tender bid due to non-filing of GSTR-3B return constitutes material deviation since filing of GSTR-3B is mandatory tender condition. Accordingly, writ petition dismissed.
The High Court granted bail to an applicant who had absconded for 14 years, noting his clean record, prior compliance, and undertaking to cooperate in trial proceedings.
The Tribunal held that AO must recompute capital gains considering purchase cost, indexation, and stamp duty, instead of merely adding the section 50C deemed value difference.
