SC upheld the view that claimed liabilities towards two banks were unsubstantiated. The ruling reinforces the need for documentary verification of liabilities.
The Court held that dividend income, bank-deposit interest, and SDF service charges are not derived from long-term finance. Only direct lending profits qualify for the deduction.
Delhi High Court set aside the GST SCN and consequent order after petitioner was not given a proper opportunity to file a reply or attend a personal hearing. Matter remanded for fresh adjudication.
The Delhi High Court remanded the GST SCN for Financial Year 2019-20 after petitioner failed to respond due to consultant oversight. Costs of Rs. 20,000 were imposed, with the matter to be reconsidered after personal hearing.
The Supreme Court held that the corporate debtor’s alleged pre-existing dispute lacked any factual basis and reinstated NCLT’s CIRP admission. The ruling reaffirms that illusory or unsupported defences cannot defeat a Section 9 IBC claim.
Tribunal rules that Section 54 deduction applies to property purchased outside India before the 2015 amendment, overturning CIT(A) decision.
The ITAT Amritsar remanded the 12A registration application after the CIT(E) ignored documentary proof of charitable activities. The trust must now be reconsidered with full verification of invoices, bank statements, and photographs.
ITAT Ahmedabad held that donations linked to milk supply were compulsory and cannot be treated as corpus contributions under Section 11(1)(d). The trust’s claim for exemption was denied, though a statutory deduction of 15% on revenue was allowed.
The Court held that once the statutory deadline expires, an arbitrator becomes functus officio and cannot be granted a fresh extension. It ordered substitution under Section 29A(6), reinforcing strict timelines for arbitral awards.
The court held that undisclosed investments in school property could be assessed against the wife due to her familial control over the educational society. Seized documents from the husband’s premises were relevant and sufficient evidence.
