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.
The Tribunal held that employer-provided business advances cannot be classified as income under Section 69A without proper verification, remanding the case for limited review of TDS and expense records.
The Tribunal found that even a belated return filed in response to a Section 148 notice remains a valid return requiring a 143(2) notice. Because this mandatory notice was never issued, the reassessment order was declared illegal and set aside.
ITAT held that the AO’s 8% estimation had no support from comparables or past margins. Applying consistency with earlier family-group cases, profit was fixed at 4% and the unexplained investment addition became academic.
The Tribunal held that ₹1.45 lakh in specified notes came from genuine vazhipadu collections and that the authorities wrongly rejected a plausible explanation.
Even though the assessee had opted for DTVSVA, the non-payment of tax meant the settlement did not materialize. The Tribunal restored the appeal to CIT(A) to examine all submitted evidence, ensuring a fair opportunity to contest additions.
