The ITAT held that income addition based solely on Form 26AS differences cannot survive when books are audited and no defects are found.
NCLAT held that a rights issue offering proportionate shares to existing shareholders does not by itself dilute a corporate debtor’s stake and refused to restrain the proposed EGM.
The tribunal ruled that unpaid municipal property tax backed by a statutory first charge qualifies as secured debt in liquidation. The key takeaway is that statutory charges under municipal law can confer secured creditor status under the IBC.
The Tribunal ruled that cash deposits arising from regulated liquor sales are a normal business incident. Where bank reconciliations explain the source, Section 69A cannot be invoked.
GSTAT upheld that the benefit of GST reduction from 28% to 18% was not passed on to consumers and directed recovery of ₹19.32 lakh as profiteering, to be deposited in Consumer Welfare Funds.
The addition on shares contributed to a family trust was deleted as the trust was exclusively for the benefit of relatives. Section 56(2)(x) does not apply where the statutory exemption conditions are satisfied.
The disallowance of interest income was set aside as co-operative banks fall within the definition of co-operative societies. The ruling confirms full deductibility of such interest under Section 80P(2)(d).
The Tribunal held that interest earned by a co-operative society from investments with co-operative banks falls within Section 80P(2)(d). Such income is deductible, subject to verification of the source and bifurcation.
Revised CPE requirements introduce age-wise slabs, streamlined exemptions, and a phased compliance mechanism with clear consequences for defaults.
Cash deposits followed by regular transfers to the telecom operator established a clear business cycle. The ruling confirms that explained business receipts cannot be treated as unexplained cash.
