The High Court and Supreme Court confirmed that reopening assessments on depreciation and goodwill claims in a Slump Sale transaction was invalid, as material facts were fully disclosed and original assessments completed.
Since the assessment order did not refer to initiating penalty under Section 271D, the Court held the penalty void. This reinforces that penalty jurisdiction arises only from recorded satisfaction.
The Supreme Court ruled that ICCs can inquire into complaints against employees from different departments, ensuring procedural protections under the POSH Act are maintained for aggrieved women.
The Court noted that the writ petition challenging alleged fraudulent ITC was dismissed but allowed additional time to pursue a statutory appeal. The ruling permits the appeal to be filed without being treated as time-barred.
The Supreme Court declined to interfere with the revocation of a customs broker licence for misdeclaring consignor details in diplomatic cargo. The ruling confirms findings of regulatory violations that facilitated gold smuggling.
The Gujarat High Court held that the assessee disclosed all material facts and the reopening notice under section 148/147 was a change of opinion, lacking jurisdiction.
Summary: The Supreme Court held that a sub-vendor cannot force arbitration against a principal employer without contractual privity. BCL’s claim failed as it lacked genuine intent to be bound by HPCL’s agreement.
Supreme Court dismissed the challenge, leaving intact the High Court ruling that registration under Section 12AA could not be denied when the institution’s educational objectives and utilization of income met statutory requirements.
The Court confirmed that statements recorded during a survey cannot form the basis for tax additions if the assessee is not allowed to challenge them.
The Supreme Court dismissed the SLP filed by the Income Tax Department, condoning delay but emphasizing that repeated petitions on settled questions waste judicial resources.
