The Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. Deduction under Section 80IA could not be denied when the report was furnished during assessment proceedings.
The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate authority. The ruling emphasises the statutory bar against parallel revision proceedings on the same issue.
The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accounted for in the books and offered as business income. The ruling emphasises that a satisfactory explanation regarding the source of stock defeats the application of Section 69B.
The Supreme Court permitted the appeal to be entertained without pre-deposit after noting that the appealable order predated the amendment introducing the requirement. The interim relief remains subject to the outcome of the Special Leave Petition.
The High Court held that the issue requires consideration where the show cause notice preceded the amendment. It granted interim relief allowing the appeal to be entertained without the 10% penalty pre-deposit.
The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities that it had not received the contribution. The ruling emphasises that taxpayers must establish the genuineness of donations claimed under Section 80GGC.
The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an alleged accommodation entry arrangement. The ruling emphasised that deductions may be denied where investigative findings indicate a lack of genuineness and remain unrebutted by the taxpayer.
The issue concerned the maintainability of a class action petition under the Companies Act. The SC, acting on the parties’ consent, referred the disputes to arbitration and set aside the NCLT and NCLAT orders while leaving all issues open.
The issue was whether Section 245 of the Companies Act applies only to continuing acts. The NCLAT held that claims involving damages and compensation may encompass past transactions, allowing class actions to proceed in appropriate cases.
The issue involved rejection of a delayed revocation application for cancelled GST registration. The Telangana High Court held that a non-speaking order without proper consideration of the delay explanation cannot stand and directed fresh adjudication.
