ITAT Mumbai rules that Section 11(5) investment shortfall of earlier years cannot be taxed in the current year, holding amendment prospective. Only current year violation is taxable, restricting addition to ₹5 lakh and deleting ₹1.34 crore.
NCLT Mumbai held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against Corporate Debtor [Trivenimudrai Projects Limited] admitted since debt and default thereon stands established.
ITAT held that penalty cannot be imposed where incorrect return was due to consultant’s misconduct. The ruling highlights that bona fide mistakes with voluntary tax payment negate penalty.
The Tribunal held that deduction claims should not be rejected for technical non-compliance. It emphasized that substantive provisions prevail over procedural requirements.
The new ECB framework removes rigid conditions and introduces flexibility in borrowing and repayment. It significantly improves ease of access to global funding.
ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that dealings with third parties break mutuality protection.
The Tribunal admitted a new legal ground and held that jurisdictional defects can be raised at any stage. It quashed the assessment as the initial notice itself was issued without authority.
ITAT held reassessment invalid as it was based on already examined facts without fresh material. The ruling reinforces that reopening on mere change of opinion is not permissible.
ITAT held that section 249(4) cannot be invoked where no taxable income arises in India. Appeals must be decided on merits rather than dismissed on technical grounds.
The Tribunal ruled that even temporary withdrawals by a shareholder can trigger deemed dividend under Section 2(22)(e). It held that duration or repayment does not negate taxability.
