ITAT Delhi held that Section 2(22)(e) cannot apply where the assessee held less than 10% shareholding in the lending company. As statutory thresholds were not met, the deemed dividend addition was largely deleted.
Holding that Rule 46A mandates recording reasons and giving the Assessing Officer a chance to rebut new evidence, the Tribunal set aside the appellate order and remitted the issue.
ITAT Delhi held that the assessment order was invalid as it was not served in accordance with Section 282 and Rule 127. In absence of proof of proper service within limitation, the entire assessment was quashed as void.
The Tribunal found that advances of ₹50 lakh each were duly recorded, confirmed, and repaid. With no unexplained credit involved, the addition of ₹90 lakh was deleted and the appeal allowed.
Holding that the search team did not examine the source of cash properly, the Tribunal directed bifurcation of penalty—30% on declared income and 60% on unexplained income.
The Tribunal held that the scope of enquiry at the registration stage is limited to objects and genuineness of activities. The application was remanded after the trust undertook to delete clauses permitting overseas fund use.
The Calcutta High Court set aside the Single Judge’s order quashing a provisional attachment, holding that the matter had become academic after confirmation under Section 8(3) of the PMLA. The Court emphasized that parties must pursue statutory appellate remedies.
The Court partly allowed the writ petition, noting that the petitioners claim was found genuine upon verification. Authorities were directed to reconsider restoration of GST registration from the original date.
Observing that the assessee invested the entire share of sale proceeds within two years and obtained possession, ITAT Pune allowed Section 54B exemption. The addition under Section 69A was consequently deleted.
The High Court dismissed the petition challenging GST assessment orders due to unexplained delay. It held that lack of timely action bars relief under writ jurisdiction.
