ITAT ruled that interest disallowance cannot be made when sufficient interest-free funds are available. The key takeaway is that availability of own funds overrides assumptions of borrowed fund usage.
ITAT ruled that failure to file a return does not justify taxing income without allowing legitimate deductions. The case was sent back to the AO to consider exemptions and deductions available in records.
The tribunal held that GST, sales tax, and service tax refunds cannot be taxed where the assessee follows the exclusive accounting method and does not debit such taxes to the P&L account.
The issue was whether properties purchased using company funds could escape benami classification. The Tribunal held that unexplained sources and cash routing justified treating transactions as benami.
The Tribunal ruled that transactions predating the alleged crime cannot be treated as proceeds of crime without a clear link. It set aside most attachments due to absence of foundational evidence. The decision reinforces the necessity of establishing a direct nexus under PMLA.
The issue was whether properties unconnected to crime could be attached under PMLA. The Tribunal held that equivalent value assets can be attached when proceeds of crime are untraceable.
The Tribunal ruled that taxation of income does not negate its use in benami transactions. Even disclosed or assessed income can form part of a benami arrangement. The judgment clarifies the independent scope of benami law.
The issue was whether property not directly linked to crime could be attached. The Tribunal held that attachment of equivalent value is valid when proceeds of crime are untraceable.
The issue was cancellation of GST registration without recording reasons or granting a hearing. The Court held such orders violate due process and remanded the matter for fresh adjudication.
The Tribunal held that once allegations of money laundering are established, the burden shifts to the accused. Failure to prove legitimate income led to continuation of freezing and seizure.
