Penalties were imposed after it was found that share subscription funds were used without valid allotment. The ruling reinforces strict compliance with private placement rules.
The Tribunal held that an assessment framed without a valid notice under Section 143(2) by the jurisdictional officer is void. Jurisdictional compliance is mandatory.
The High Court held that adults in live-in relationships cannot be denied protection. Interference by family members was ruled impermissible under Article 21.
The audit identifies widespread irregularities across customs assessments and export incentive schemes. Most findings were accepted, triggering corrective action and partial recoveries.
The audit found widespread control gaps, delayed processing, and weak automation in duty drawback administration. These deficiencies exposed the exchequer to significant revenue loss.
The representation seeks more time to file GST annual returns citing extensive amendments and late clarifications. It urges an extension to avoid errors arising from systemic and transitional constraints.
The audit uncovered large-scale mismatches and non-compliance in GST filings and payments. It highlights risks from ineligible ITC, return gaps, and weak departmental oversight.
The ITAT upheld deletion of a major share premium addition after finding that all investors complied with notices under Section 133(6) and furnished requisite documents. The ruling reiterates that once the three ingredients of Section 68 are satisfied, the burden shifts to the Revenue.
The ITAT ruled that section 269SS targets cash advances in property deals, not final sale consideration paid at registration. Penalty under section 271D was therefore not leviable.
The Tribunal held that estimating closing stock without rejecting books or identifying defects is unsustainable. Mere assumptions of revenue leakage cannot justify additions.
