Tribunal held that loss arising from compulsory conversion of stressed loans into equity under a restructuring scheme is a deductible business loss or bad debt for a bank.
The tribunal held that milk procurement and sale by a charitable society were incidental to its primary object of helping small and marginal farmers, and exemption under Section 11 could not be denied.
The High Court granted regular bail noting completion of investigation, seizure of documents, and the documentary nature of allegations, holding that continued custody was unwarranted with conditions to secure presence.
The Court held that rejection of a GST appeal was invalid where prior payments under protest already satisfied the mandatory 10% pre-deposit requirement.
The assessee claimed the firm had dissolved and deposits belonged to a partner. The Tribunal held that absence of documentary proof justified treating bank deposits as unexplained income.
The issue was whether a completed assessment could be revised without identifying concrete errors. The Tribunal held that vague observations and absence of specific defects do not justify invoking section 263.
The High Court held that an assessment order issued in the name of a dead person is a nullity. It ruled that proceedings must be continued only after issuing notice to legal representatives under Section 159.
The Tribunal held that interest earned from investments with a co-operative bank registered as a co-operative society qualifies for deduction under Section 80P(2)(d), following jurisdictional High Court rulings.
The court upheld GST cancellation after finding inconsistent affidavits and no supporting evidence of business activity. Mere allegations of procedural lapse without prejudice were held insufficient.
The High Court confirmed interim bail after noting parity with co-accused, lack of misuse of liberty, and prolonged investigation with no immediate trial prospects.
