Adjudicating Authority had imposed a combined penalty under sections Sections 112, 114A, and 114AA without proper application of statutory provisions and directed reconsideration of penalty in accordance with law.
The writ petitioners challenged the public auction notice before the D.R.T under section 17 which was ultimately dismissed for non-prosecution. In the year 2007, due to devastating flood, all the costly machines were defunct.
Where the only piece of evidence, AO possessed was the ‘Iqrarnama’, which was not found in the assessee’s possession, was not in their handwriting, and did not bear their genuine signatures, no addition could be made to the assessee’s income, treating it as unexplained money and interest.
Issuance of a valid notice under section 143(2) was mandatory and non-issuance or belated issuance vitiated the assessment. Accordingly, Tribunal quashed the reassessment order passed under section 147 r.w.s. 144B as being void ab initio.
Reassessment order passed under Section 147/143(3) was quashed on the ground that no notice under Section 143(2) was issued after the assessee filed the return in response to notice under Section 148, rendering the assessment void ab initio.
The subsequent Agreement to Sell and the Tripartite Agreement entered into without the prior leave of the Tribunal, and without informing or involving the majority shareholders or the Board of the Company, suffered from procedural impropriety and lack of authority.
An assessment order passed in the name of a non-existent entity, such as a company that has been amalgamated into another, was a fundamental jurisdictional error and was null and void from the beginning.
Proportionate expenditure against interest income might be allowed to assessee subject to assessee establishing connection between incurring of such expenditure towards earning of interest income from nationalized banks, which was a specific requirement for claim of such expenditure u/s section 57.
Benami Act was intentionally drafted with a very broad and inclusive definition of property to ensure that all forms of assets, including cash, could be covered. A person could not be treated as a benamidar if they neither possess the property nor claim ownership of it; A property was considered benami when the purported real owner denies their ownership of it.
Application for voluntary initiation of Corporate Insolvency Resolution Process (CIRP) had been admitted under section 10 of IBC, 2016, read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) as from the audited financials of assessee for the years 2020-2021 to 2022-2023.
