ITAT Mumbai held that the Commissioner of Income Tax (Exemptions) cannot impose independent or contingent conditions while granting registration under Section 12AB. The Tribunal ruled that tax benefits could not be kept subject to the outcome of a proposed Supreme Court appeal.
ITAT Mumbai held that reassessment proceedings initiated after scrutiny assessment were invalid because they relied on the same material already examined earlier. The Tribunal ruled that reassessment cannot be used to review a previously accepted claim.
The Tribunal observed that the assessee had repaid the unsecured loan along with interest after deducting TDS and the lender had offered interest income to tax. These facts supported the genuineness of the transaction and rendered the Section 68 addition unsustainable.
Mumbai ITAT held that no addition under Section 43CA could survive where difference between agreement value and DVO valuation remained within 10% tolerance band. Tribunal ruled that safe harbour benefit applies once DVO valuation substitutes stamp duty value.
Tribunal ruled that objections relating to defective title, encroachments, and legal disputes require proper valuation examination through a DVO reference. The addition under Section 56(2)(x) was therefore restored to the Assessing Officer for reconsideration.
ITAT Delhi ruled that where an assessee disputes the stamp duty valuation under Section 50C, the Assessing Officer should refer the matter to the Valuation Officer. The Tribunal set aside the capital gains addition for fresh determination.
Punjab and Haryana High Court granted bail in an alleged fake ITC case after noting that investigation was complete and evidence was mainly documentary and electronic. The Court held that continued custody was not justified when no further interrogation was required.
A resolution applicant could not unilaterally alter its financial proposal through a last minute addendum after completion of the challenge process and commencement of voting under the Corporate Insolvency Resolution Process (CIRP).
In a commercial suit regarding specific performance, High Court had allowed a Civil Revision Petition by setting aside the order of the Special Judge for Commercial Disputes that had rejected the plaintiffs’ application to file additional documents.
The Supreme Court held that liabilities arising from corporate guarantees qualify as financial debt under Section 5(8) of the Insolvency and Bankruptcy Code. Consortium lenders were therefore entitled to Financial Creditor status and inclusion in the Committee of Creditors.
