Failure to attach the EGM notice and explanatory statement in statutory filings was held to violate Rule 13(d). The key takeaway is that procedural lapses attract penalties even where shareholder approval exists.
The issue was whether Section 50 can apply when no depreciation was ever claimed or allowed on cars. The Tribunal held that without actual depreciation, Section 50 cannot be invoked and the addition was deleted.
The regulator held that issuing securities through private placement without a registered valuer’s report violates Section 62(1)(c). A reduced penalty was imposed considering start-up status.
A company was penalised for long-term non-compliance with mandatory appointment of a Company Secretary. The order reiterates strict enforcement of Section 203 of the Companies Act.
The Tribunal clarified that confirmation of a Section 14A read with Rule 8D disallowance does not automatically justify penalty. Independent findings showing inaccurate particulars or concealment are mandatory.
Where the extent of inflated purchases cannot be quantified and is restricted to a nominal percentage, penalty provisions do not apply. The ruling reinforces the distinction between estimated additions and proven concealment.
The issue was whether the entire purchase amount could be added under Section 69C based solely on an entry-operator’s denial. The Tribunal ruled that since sales were accepted and books not rejected, only a 10% estimated disallowance was justified.
It was held that applying Sections 69/69A read with Section 115BBE without examining penalty under Section 271AAC justified revision. The PCIT’s direction to reframe the assessment was sustained.
The issue was whether a transfer pricing adjustment could survive when based solely on DRI allegations later dropped. The Tribunal held that once customs authorities exonerated the assessee, the TP adjustment had no foundation and was rightly deleted.
Explains how the new tax code replaces the 1961 Act with simpler rules and fewer exemptions. The key takeaway is a clearer, taxpayer-centric framework effective from April 2026.
