The Tribunal held that additions based solely on earlier-year assumptions cannot sustain without year-specific evidence. It found no material to show that current-year sales or debtors were bogus. The takeaway is that assessments must be supported by concrete evidence, not presumptions.
ITAT Mumbai deleted Section 69 additions as the Revenue relied only on uncorroborated statements and pen-drive data from third parties, violating natural justice. Suspicion alone cannot justify tax additions.
The Court held that dividend income, bank-deposit interest, and SDF service charges are not derived from long-term finance. Only direct lending profits qualify for the deduction.
The Supreme Court held that the corporate debtor’s alleged pre-existing dispute lacked any factual basis and reinstated NCLT’s CIRP admission. The ruling reaffirms that illusory or unsupported defences cannot defeat a Section 9 IBC claim.
The Court held that once the statutory deadline expires, an arbitrator becomes functus officio and cannot be granted a fresh extension. It ordered substitution under Section 29A(6), reinforcing strict timelines for arbitral awards.
The Court ruled that failure to meet strict payment deadlines in an IBC-supervised sale justified full forfeiture. It held that such sales are governed by IBC and NCLT orders, not Contract Act protections.
SC emphasized that contempt power is not a sword to silence criticism but includes the power to forgive when remorse is genuine. The High Court wrongly imposed punishment despite an unconditional apology and resignation by the contemnor.
The Tribunal held that once the assessee’s own ledger reflected a creditor’s write-off, Section 41(1) was automatically triggered. The waiver in books = taxable cessation of liability.
The Tribunal ruled that incidental foreign expenditure does not bar 80G approval, emphasizing that only the main charitable activities’ genuineness matters for registration.
The Supreme Court ruled that ICCs can inquire into complaints against employees from different departments, ensuring procedural protections under the POSH Act are maintained for aggrieved women.
