The ITAT Delhi held that a single consolidated satisfaction note covering multiple assessment years without year-wise incriminating material could not validly confer jurisdiction under Section 153C. It quashed the assessments after following the Delhi High Court’s ruling in Shaksham Commodities Ltd.
The Supreme Court held that prolonged incarceration of nearly five years without conclusion of trial justified grant of bail despite the seriousness of the UAPA allegations. It emphasized that the right to a speedy trial under Article 21 cannot be ignored.
The ITAT held that Section 68 could not be applied to sale proceeds received from investments already recorded in the books in an earlier year. While the reassessment was upheld, the additions towards alleged accommodation entries and commission were deleted.
The SC held that the accused was not produced before the nearest Magistrate within 24 hours after the ED assumed custody, rendering the arrest illegal. It ruled that such constitutional violations justified bail despite the PMLA provisions.
The High Court held that the applicant’s continued custody after detention without production before the competent court within 24 hours violated Article 22(2) of the Constitution. It granted bail while leaving the legality of the Look Out Circular open for consideration at the appropriate stage.
The ITAT Delhi held that the Revenue could not substitute the assessee’s consistent method of revenue recognition with the Percentage of Completion Method for only one assessment year. It deleted the profit estimation made on work-in-progress.
The NCLT Mumbai held that participation and voting in the first creditors’ meeting did not amount to relinquishment of a secured creditor’s security interest. It ruled that the bank remained entitled to enforce its security under the SARFAESI Act.
The Gujarat High Court quashed the reinitiated penalty proceedings after the Assessing Officer failed to pass a fresh order within the 12-week period fixed by the Court. It held that non-compliance with the earlier judicial directions warranted setting aside the show-cause notices.
The Gujarat High Court held that once the Resolution Plan was approved under Section 31 of the IBC, all tax liabilities not forming part of the plan stood extinguished. It therefore quashed the reassessment notice and the order under Section 148A(d).
ITAT Ahmedabad held that the Transactional Net Margin Method (TNMM) remained the most appropriate method as there was no change in the assessee’s functional profile and earlier Tribunal decisions had consistently accepted it. The transfer pricing adjustment based on the internal Cost Plus Method was deleted.
