Income Tax Department was directed to encash the Demand Draft, confirm the sale, and issue the Sale Certificate in favour of the highest bidder, without prejudice to the Petitioner’s rights.
The issue was whether a trader declaring income under Section 44AD could face additions for unexplained cash deposits. The Tribunal ruled in favour of the assessee, holding such additions contrary to law.
The Tribunal held that NFAC had no authority to pass reassessment orders before the faceless reassessment notification became operative. As a result, the entire assessment was quashed. The ruling highlights that participation by the assessee cannot cure jurisdictional defects.
Contempt Petition was not maintainable, as the NCLT had independent and effective jurisdiction under Section 425 of the Companies Act, 2013 to punish for contempt of its own orders, including those passed under the IBC.
It was ruled that interest for late filing of the original return can be computed based on tax determined in search-related assessment. Timely filing after notice does not negate earlier delay.
Bombay High Court held that revisionary order which set aside eviction order is not sustainable in law. Court also held that using AI tool as aid for filing submission without verifying its content is not acceptable.
Jacob P P Vs Alka Ventures Pvt Ltd (NCLT Kochi) Homebuyers in the SKYWINGS Township Project filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of Corporate Insolvency Resolution Process (CIRP), moratorium, and appointment of an Interim Resolution Professional (IRP) against the corporate debtor. The petitioners represented 98 allottees […]
The Court examined whether the Rajasthan ACB could investigate corruption cases against Central Government employees without CBI approval. It held that the ACB has concurrent jurisdiction under the PC Act and such investigations are valid in law.
The Tribunal examined whether arm and blade assemblies could be treated as complete windscreen wipers. It held that without a motor, the goods are only parts and cannot be reclassified as complete articles.
The court affirmed disciplinary action where an auditor failed to detect ever-greening of assets and misreporting in audit accounts. The ruling confirms that serious audit lapses justify temporary removal from professional rolls.
