The issue was whether LIC premium payments for post-retirement annuity were contingent liabilities. The Court held they represented an existing liability and allowed the deduction as a business expense.
The case examined the validity of reassessment notices issued beyond the permissible period. The Court ruled that such notices are invalid in light of binding precedent, leading to quashing of the entire reassessment.
The court ruled that Section 67 allows seizure only of goods, documents, and related items, not cash. It held that treating currency as “things” is legally incorrect. The decision reinforces strict interpretation of GST provisions and limits enforcement powers.
The court ruled that GST law does not prohibit inter-state transfer of ITC in amalgamation cases, especially for CGST and IGST components. It held that denial based on portal restrictions without legal backing is invalid. The decision reinforces that statutory provisions prevail over administrative practices.
The court ruled that mere suspicion and marital discord do not meet the legal threshold for abetment of suicide. It emphasized the need for clear proof of instigation and proximate cause.
The Tribunal validated reopening under Section 147 based on credible post-search information. Proper procedure under Section 148A was followed, making reassessment lawful.
The issue highlights the complexity and impracticality of applying clubbing provisions between spouses in modern financial systems. The key takeaway is that reform is needed to reduce compliance burden and align tax laws with current realities.
The Tribunal found that the relationship between parties was a commercial arrangement for smooth supply of goods. It held that such arrangements do not amount to benami transactions. commercial dealings must be distinguished from benami arrangements.
The Tribunal held that the Assessing Officer erred in fully rejecting the assessee’s explanation linking cash deposits to business sales. However, due to incomplete substantiation, a limited addition of ₹8 lakh was sustained.
The Tribunal held that the government’s decision to canalise exports of beach sand minerals was a policy measure involving strategic resources. It ruled that such sovereign functions are excluded from the definition of enterprise under competition law.
