Follow Us:

Judiciary

Urja Niyojan Deadlock: NCLT Orders 50% Shareholder Exit at Nil Value

June 15, 2026 114 Views 0 comment Print

The Tribunal held that equal shareholding coupled with non-cooperation had resulted in complete deadlock in the company’s affairs. To bring an end to the oppression, it directed the respondent to transfer her shares at nil value.

NCLT Approves ₹8,000 Crore Share Capital Reduction of General Motors

June 15, 2026 69 Views 0 comment Print

The Tribunal held that the proposed reduction would not adversely affect the company’s ability to meet its liabilities. It approved the scheme after finding that creditors’ interests remained protected.

NCLT Allows MCA’s Amendment Plea as SFIO Findings Were Integral to IL&FS Fraud Proceedings

June 15, 2026 159 Views 0 comment Print

The Tribunal held that the proposed Section 339 relief flowed directly from the SFIO investigation report forming the basis of the existing petition. The amendment was permitted to enable comprehensive adjudication of the alleged fraud.

Bogus LTCG Addition Sustained as Tribunal Finds Evidence of Fabricated Share Purchase Records

June 14, 2026 777 Views 0 comment Print

The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, including contradictory sale notes and payment receipts. The Tribunal held that the assessee failed to establish the genuineness of the underlying share transactions.

ITAT Lucknow Allows Set-Off of Spouse’s F&O Losses Arising From Gifted Funds

June 14, 2026 2691 Views 0 comment Print

ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under Section 64(1)(iv). The matter was remanded to verify the actual quantum of eligible losses.

Telangana HC Grants Bail in ₹30 Crore GST Fraud Case as No Complaint Filed Despite 60 Days of Custody

June 14, 2026 171 Views 0 comment Print

The Telangana High Court granted bail to an accused in a Rs.30 crore fake GST ITC case after noting that no complaint had been filed despite 60 days of custody. The Court also considered the maximum punishment prescribed and imposed conditions while granting relief.

ITAT Directs GP-Based Addition as Jewellery Purchases Formed Part of Sales & Closing Stock

June 14, 2026 309 Views 0 comment Print

The Delhi ITAT held that where purchases are reflected in accepted sales and closing stock, the entire purchase amount cannot be disallowed. The Tribunal directed the Assessing Officer to restrict the addition to the gross profit element by applying the average GP ratio of the preceding five years.

Faceless Reassessment Amounting to Best Judgment Assessment Can Be Remitted by CIT(A)

June 14, 2026 288 Views 0 comment Print

The Delhi ITAT held that repeated non-compliance with statutory notices transformed the reassessment into a best judgment assessment in substance. Consequently, the CIT(A) was justified in remanding the matter to the Assessing Officer for fresh adjudication.

Low Declared Income Alone Cannot Negate Creditworthiness – Section 68 Addition Deleted

June 14, 2026 417 Views 0 comment Print

The Delhi ITAT concluded that the assessee had discharged the burden of proving the three essential ingredients required under Section 68. The Revenue failed to demonstrate that the funds originated from the assessee itself. The decision resulted in the deletion of the entire addition relating to share capital and premium.

Assessment Quashed for Expanding Scope from one Unit to 119 Apartments Without Section 148A Notice

June 14, 2026 336 Views 0 comment Print

The Karnataka High Court quashed an assessment order after finding that allegations concerning 119 apartment sales were introduced without prior notice during Section 148A proceedings. The Court granted the taxpayer an opportunity to submit a detailed response before fresh consideration.

Search Post by Date
June 2026
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930