The court examined whether buy-back of shares below fair market value attracts Section 56(2)(x). It held that buy-back leads to extinguishment of shares, not acquisition of property, making the provision inapplicable.
The case examined whether promotional expenses should be capitalized under the project completion method. The Tribunal held that such expenses, not linked to inventory development, are allowable as revenue expenditure.
The Court held that failure to upload the DRC-07 summary affects appellate rights. Recovery proceedings were stayed until compliance is completed.
The case addressed whether delayed filing of Form 10-IC invalidates a claim under Section 115BAA. The Tribunal held that the delay was procedural and directed allowance of the concessional tax rate.
The issue was whether interest from co-operative banks is eligible for deduction under Section 80P(2)(d). The Tribunal held that co-operative banks are co-operative societies, making the deduction allowable.
The Court held that the notice issued after six years from the relevant assessment year was barred by limitation. The reassessment proceedings were set aside.
The issue was whether a new trust can be denied registration due to lack of activities. The tribunal held that proposed charitable activities must be considered, and non-commencement alone is not a valid ground for rejection.
The case examined whether delayed filing of Form 10/10B invalidates exemption under section 11(2). The Tribunal held that procedural delays do not defeat substantive claims, directing allowance of exemption.
The case addressed whether omission of Rule 96(10) affects ongoing disputes over IGST refunds. The Court held that the omission applies to pending proceedings, allowing refund claims to proceed.
The ruling held that vouchers are not goods or services and cannot be taxed as supply. The matter was remanded for fresh adjudication, limiting GST liability to commission income where applicable.
