The AO issued reassessment notices during the post-Ashish Agrawal transition phase. Applying later Supreme Court law, the ITAT held AY 2015-16 is beyond the permissible reopening period.
The appellants argued that old properties could not be attached under PMLA. The Tribunal rejected this, holding that “value of proceeds of crime” covers such assets when tainted funds are unavailable.
NCLAT Delhi held that rejection of application under section 9 of the Insolvency and Bankruptcy Code justifiable because of pre-existing dispute between the parties. Accordingly, appeal dismissed as being devoid of merits.
The ruling confirms that when equal owners are locked in irreconcilable deadlock, a solvent company may be wound up on just and equitable grounds.
The regulator upheld a turnover-linked materiality framework for related party transactions, replacing the flat 10% test to align approvals with entity size while retaining shareholder scrutiny for high-impact deals.
It was highlighted that the EU’s carbon border tax will significantly raise costs for carbon-intensive imports, forcing exporters to reassess pricing, margins, and long-term market viability.
The AO questioned genuineness and love and affection behind the gift. The ITAT held that once relationship and capacity are proved through documents, no addition can survive.
The rules make it clear that any appointment, resignation, or designation change of directors or KMPs must be filed in DIR-12 within the statutory timeline to avoid penalties.
NCLAT Delhi held that balance sheet entries are reliable evidence of existence of financial debt. Accordingly, since debt and default against Corporate Debtor established, admission of application u/s. 7 of IBC justified.
The Tribunal ruled that unexplained investment additions cannot stand without concrete proof of actual investment. Mere survey information and assumptions do not shift the burden onto the taxpayer.
