NCLAT ruled that commercial borrowing with agreed interest constitutes financial debt even without a formal loan agreement
The issue was whether depreciation on goodwill arising from demerger was wrongly allowed. The Court held that since the Assessing Officer had made due enquiries and taken a plausible view, revision under Section 263 was invalid.
The Tribunal ruled that revising Form 10 during assessment does not invalidate a trust’s accumulation claim when the original form was filed on time. The key takeaway is that revised filings before assessment completion are permissible.
CESTAT held that withholding goods due to a 100-unit model-wise limit was unsustainable where no centralized monitoring existed, and directed provisional release against bond and bank guarantee.
The Tribunal ruled that once the classification was upheld for the importer, penalty on the customs broker could not be sustained. The decision underscores that a resolved classification dispute cannot justify penal action on the agent.
The High Court ruled that Rule 86A does not permit blocking of input tax credit beyond what is available in the electronic credit ledger. Creating a negative balance was held to be without jurisdiction.
The issue was whether additions could survive when no incriminating material was found during search proceedings. The court upheld the Tribunal’s view that Section 153A jurisdiction was invalid, leading to dismissal of the appeal.
The High Court permitted the Enforcement Directorate to attach and freeze assets after finding a prima facie case of money laundering. The ruling reinforces ED’s powers to secure properties to protect depositor interests.
Bail was denied after the Court noted that the alleged offences involved a multi-state organised network. The ruling affirms that the gravity and scale of economic offences are key factors in bail decisions.
The Tribunal held that delayed PIMS registration, when completed before clearance, is a procedural lapse. Confiscation and penalty were set aside as the import was not in substantive violation of policy.
