The regulator held that non-spending of CSR amounts and failure to transfer unspent funds within timelines violates section 135. Subsequent voluntary payment does not absolve past defaults.
The regulator held that failure to disclose mandatory particulars of allottees violates Rule 12(2) of the Prospectus and Allotment Rules. Even where rectification is promised, the default attracts penalty under section 450.
The regulator held that Annual Reports are official publications mandatorily requiring CIN disclosure. Repeated non-compliance led to the maximum penalty on both the company and its officers.
The addition was based on suspicion arising from third-party misconduct. The Tribunal reiterated that income tax additions cannot rest on presumptions alone.
The decision reiterates that section 150 is subject to section 150(2) and cannot revive time-barred or jurisdictionally invalid assessments. Directions to reopen were struck down as unlawful.
The Tribunal held that running coaching classes for substantial fees does not qualify as charitable education. In the absence of evidence of free or subsidized services, exemption under section 11 was rightly denied.
Reassessment actions were quashed where sanctions were not lawfully granted under section 151A. The ruling reinforces strict compliance with statutory approval requirements.
The case highlights how inadequate communication between auditors and those charged with governance violates auditing standards. The key takeaway is that timely, documented, and two-way communication is mandatory, not optional.
The assessment relied on investigation reports without examining the alleged entry provider. The Tribunal held that cross-verification is essential before sustaining additions under section 68.
The assessee claimed that cash deposits belonged to company debtors and past savings, which were not examined earlier. The Tribunal restored the matter to the AO for re-verification in the interest of justice.
