Karnataka High Court dismisses a Revenue appeal, affirming that additions cannot be made under Section 153A without incriminating material found during a search.
Madras High Court held that no interpretation contrary to Section 53 of the Insolvency and Bankruptcy Code, 2016 [IBC] can be attributed to the expression ‘going concern sale’ as contemplated under Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
ITAT Pune remands 80G approval case, stating incorrect section code is not fatal. Directs CIT(E) to allow rectification and hear the application on merits.
The NCLAT Delhi rules on the Puneet Resutra vs. J&K Bank case, clarifying that a one-time settlement with a guarantor does not extinguish the principal borrowers debt. The court upheld the initiation of insolvency proceedings.
AO taxed the said surrendered amount under the provisions of section 115BBE of the Income Tax Act. CIT(A) allowed the appeal of the assessee. Being aggrieved, revenue has preferred the present appeal.
ITAT Cuttack overturns ₹5.01 lakh addition, ruling business receipts are a substantiated source for cash deposits. Ad-hoc expense disallowance also deleted for AY 2017-18.
Orissa High Court held that money recovered from the petitioner constitutes ‘proceeds of crime’ unless the same is disproved at trial. Accordingly, proceedings under Prevention of Money Laundering Act, 2002 [PMLA] upheld.
ITAT Chennai sets aside a best judgment assessment for a charitable trust, ordering a fresh hearing after noting prior Section 11 exemption and appellate procedural issues.
Jammu Kashmir High Court held that pre-arrest bail application of accused involved in bogus “crypto currency/Emollient Coin” Ponzi Scheme is liable to be dismissed since matter involves heinous offences of economic nature which is being connected with the proceeds of crime.
ITAT Indore sets aside ex-parte order under Section 144 for AY 2017-18, remands case to AO for fresh assessment after admitting additional evidence.
