The ITAT held that penalty proceedings are invalid where the Assessing Officer does not specify whether the charge is concealment or inaccurate particulars. The penalty was quashed due to lack of clarity and inconsistency.
The issue was denial of credit due to post-amendment invoicing. The Tribunal held that credit is admissible since services were completed before the cut-off date.
**SEO Description:** Supreme Court holds that an appeal filed by a suspended director in the name of the corporate debtor after admission of CIRP is not maintainable. It rules that such a fundamentally incompetent appeal cannot be cured or converted after expiry of limitation under Section 61(2) of the IBC, and sets aside NCLAT’s contrary approach.
The Supreme Court declined to interfere with the High Court’s order condoning delay in filing Form 10B. It upheld that a genuine explanation and completed compliance justified relief.
The Court condoned a 687-day delay in filing Form 10B, accepting the explanation of unintentional oversight in online filing. It held that denial of exemption due to such delay would be unjust, especially for a charitable trust.
The Tribunal examined whether an increase in loans was due to fresh borrowing or reclassification. It remanded the matter for verification, holding that no addition is warranted if no new funds were received.
Relying on binding precedent, the Court issued directions to resolve overlapping GST inquiries. It stressed adherence to structured coordination mechanisms between authorities.
The Tribunal held that disallowance of interest cannot be finalized when the validity of underlying loans is still under appeal. It remanded the matter for reconsideration after the earlier year’s decision.
The decision held that imports conducted through State Trading Enterprises are valid even where the importer is not the direct importer. It emphasized compliance with policy structure rather than form.
The Court held that serious medical conditions justified delay in filing a revised return. It directed reopening of the ITBA portal to enable compliance while allowing scrutiny on merits.
