The Supreme Court held that gains arising from the sale of shares of a foreign company deriving substantial value from Indian assets are taxable in India. The ruling confirms that indirect transfer provisions override treaty claims when Indian assets are the real source of value.
Punjab and Haryana High Court held that bail in fraudulent GST Input Tax Credit allowed since trial is not likely to be completed in near future and detention in lock-up not likely to serve any purpose.
The ruling holds that capital gains from offshore structures can be taxed in India when facts show substance over form. The key takeaway is that tax treaties do not protect arrangements leading to double non-taxation.
ITAT Bangalore held that disallowance of entire business losses by Assessing Officer without pointing out specific defects is not permissible. Accordingly, appeal of assessee allowed and order set aside.
The Court ruled that refunds arising from statutory pre-deposits must follow the specific appellate provisions, holding the High Court’s reliance on the general refund section unnecessary.
The issue was whether interest earned from co-operative banks qualifies for deduction under section 80P(2)(d). The Tribunal held that co-operative banks are co-operative societies for this provision, making the interest fully deductible.
The adjudication confirms that incorrect classification of promoter and public shareholding in statutory filings attracts penalties. Even inadvertent errors in Form MGT-7 trigger liability under the Companies Act.
Authorities held that non-disclosure of auditor-reported violations in the Directors’ Report breached Section 134(3)(f). The ruling underscores that transparency in statutory reporting is mandatory, not optional.
The adjudicating authority ruled that filing statutory e-forms with incorrect particulars constitutes a completed violation. Subsequent requests to mark forms defective do not erase penalty liability.
An incorrect AGM date disclosed in an annual return led to penal action. The ruling clarifies that accuracy in statutory disclosures is mandatory and strictly enforced.
