Supreme Court overturns NCLAT, nullifying a gift deed and share transfer, and reinstating Shailja Krishna as the majority shareholder of Satori Global Ltd. Key takeaways for corporate law and NCLT jurisdiction.
The ITAT ruled that an employee cannot be taxed on cash deposits that are found to be the employer’s funds, remanding the case for verification of the end-use of the money.
The Delhi High Court dismisses appeals against Maruti Suzuki, ruling that tax issues previously settled by the Supreme Court and other binding precedents cannot be reopened.
The ITAT Bangalore ruled that tax additions cannot be based on uncorroborated loose papers, reiterating a Supreme Court precedent that such documents have no evidentiary value.
The Madras High Court ruled that the CBDT circular requiring a 20% pre-deposit for tax demand is not mandatory, emphasizing that tax authorities must use quasi-judicial discretion.
ITAT Bangalore mandates working capital adjustments and excludes functionally different comparables in a transfer pricing case, directing a fresh benchmarking analysis.
ITAT Bangalore remands a trust’s 80G cancellation, citing a violation of natural justice. The trust gets a fresh opportunity to prove the genuineness of its activities.
ITAT Bangalore remands a case where an email address was ignored, violating natural justice. The assessee gets a fresh chance to prove his land was agricultural.
No Records, No Relief – Expenses Must Be Proven – Tribunal Confirms Disallowance on Estimate Basis- Agricultural Income Inflated, Expenses Unproved –Bang ITAT Dismisses Appeal
ITAT Jaipur deletes additions on unsecured loans and partners’ capital for Vikas Oil Mill, citing sufficient evidence like ITRs and cash books to prove their genuineness.
