NCLAT Delhi held that bank can proceed against one or all personal guarantors of Corporate Debtor u/s. 95. Merely because bank proceeded against only one personal guarantor cannot be any reason to reject any application u/s. 95 of IBC.
Tribunal held that additions made solely on ex-parte proceedings cannot stand when the taxpayer was unable to comply due to age-related limitations. The case was remanded for fresh assessment with a direction to provide proper opportunity.
The ITAT annulled the entire reassessment because the Section 148 notice was issued after the Supreme Court–mandated surviving-period cutoff. The ruling confirms that any notice beyond this timeline is void ab initio.
The ITAT ruled that a vague, copy-paste satisfaction note cannot confer valid jurisdiction under Section 153C. Since no specific seized documents were identified, the entire assessment was struck down.
Tribunal clarified that mere generation or digital signing on ITBA does not mean a notice is issued. Proper dispatch to the assessee’s email or portal before the statutory deadline is required for validity.
The Tribunal found that the assessee’s net worth was substantially higher than the value of its investments, creating a presumption that investments were made from own funds. As no interest expenditure was linked to exempt income, the AO’s disallowance under Section 14A was held unsustainable.
Explains how salary is defined under tax law, including employer–employee requirements, included payments, and taxable perquisites. Highlights key distinctions from professional and business income.
High Court held BSF solely liable for failing to prevent a civilian from entering a hazardous area near Wagah border. Compensation of ₹60 lakh with interest was affirmed.
ITAT held that a 147 reopening based on the incorrect assumption that no return was filed is invalid. Since the assessee proved the return was filed, the entire reassessment was quashed.
A comprehensive roundup of the week’s major regulatory changes across tax, GST, securities, and insolvency, highlighting new compliance rules and critical judicial decisions.
