NCLT Cuttack held that application under section 9 of the Insolvency and Bankruptcy Code is admitted for initiation of Corporate Insolvency and Resolution Process against Corporate Debtor [Geosphere Industries Pvt. Ltd.] as operational debt of more than Rs. 1 crore stands established and default thereon is proved.
Chhattisgarh High Court held that order passed without affording opportunity of personal hearing is against the principle of natural justice. Further, the said order was also not served. Thus, order is set aside and matter restored back.
Relying on the Schneider Electric judgment of the Delhi High Court, the ITAT held that absence of a separate immunity order within one month does not justify penalty imposition.
Madras High Court held that Tax Recovery Officer needs to lift attachment of the property based on orders passed by the highest fact finding authority has attained finality and there is no payment pending on the part of the assessee.
ITAT Chennai ruled in favor of Lakshmiammal Progressive Educational Trust, deleting an addition of ₹31.6 lakhs after finding the receipts to be voluntary donations, not compulsory capitation fees.
SC held that liquidation of a company does not protect its director or personal guarantor from prosecution under Section 138 of Negotiable Instruments Act. Criminal liability remains independent of insolvency proceedings.
The Court held that reassessment proceedings under Sections 148A and 148 were void as notices were not validly served and proper approval from PCCIT was not obtained.
Bombay High Court set aside reassessment proceedings for AY 2016–17 as the sanction was granted by an unauthorized officer, holding that approval must come from senior authorities under Section 151(ii).
Bombay High Court held that reassessment for AY 2016–17 was invalid as the sanction was not obtained from the competent authority mandated under Section 151(ii) of the Income-tax Act.
ITAT Rajkot held that a one-day delay in filing objections before the DRP should not defeat justice. The Tribunal condoned the delay and remanded the case for fresh adjudication, emphasizing that natural justice must prevail over technical lapses.
