The Revenue disallowed 80P deduction by treating FDR interest as income from surplus funds. ITAT ruled Totgars applies only to surplus funds, not to statutory reserves mandated by co-operative law.
ITAT Ahmedabad held that if a Section 263 revision order is quashed, any consequential assessment and appeals based on it are rendered inoperative. Key takeaway: assessments cannot stand on invalid foundations.
The reassessment was initiated for AY 2013-14 using reasons recorded for AY 2012-13. ITAT held that reopening for the wrong year is void, causing the entire Section 147 assessment to collapse.
ITAT Jaipur confirmed that Section 270A(6)(b) exclusion is inapplicable when accounts are incorrect or incomplete. Key takeaway: defective records make estimated disallowances liable to penalty.
Repeated delays in filing MSME returns resulted in penalties reaching the statutory cap. The decision highlights strict enforcement of MSME disclosure timelines and accountability of management.
Delays running into several months in filing MSME-1 resulted in penalties capped at ₹3 lakh. The ruling underscores that extended non-compliance will invite the highest statutory consequences.
MSME-1 filings delayed by over two years attracted the highest statutory penalties. The ruling signals strict enforcement where non-compliance is prolonged and repeated.
The regulator examined failure to hold the minimum number of Board meetings in a calendar year. It held that missing even one required meeting violates statutory governance norms and attracts penalty.
The authority examined non-filing of charge registration for vehicle loans. It held that registration under company law is mandatory, attracting personal penalties on directors for default.
The order holds that failure to disclose mandatory allottee particulars violates securities allotment rules. Rejection of a regulatory form does not bar imposition of penalty under the Companies Act.
