NCLAT Delhi held that present appeal is not maintainable as shareholder is not a person aggrieved under section 61 of the Insolvency and Bankruptcy Code. Accordingly, order admitting CIRP u/s. 7 sustained.
ITAT Hyderabad held that addition under section 68 towards unexplained cash credits cannot be sustained since assessee has discharged the onus cast upon it and proved identity of loan creditors, genuineness of transactions and creditworthiness of parties. Accordingly, appeal of revenue dismissed.
ITAT held that before treating high-value purchases as bogus, authorities must verify supplier’s GST status, ITC claims, and money trail. Key takeaway: Procedural diligence is required for large-scale disallowances.
The Court allowed the assessee one more opportunity to contest an ex-parte addition under Section 68, emphasizing the need for fair hearing and natural justice.
The Tribunal held that issues like capitation fee or misuse of funds are assessment matters, not grounds for denying registration under Section 12AA. The ruling confirms that the Commissioner must limit inquiry to objects and genuineness of activities.
The Tribunal clarified that income from events, totaling less than 20% of gross receipts, does not disqualify a GPU institution from claiming Section 11 exemption. The Assessing Officer’s and CIT(A)’s denial was set aside, as membership fees were not commercial income. Exemption was granted, confirming the society’s charitable status.
Karnataka High Court held that blocking of Electronic Credit Ledger invoking rule 86A of Central Goods and Services Tax Rules [CGST Rules] without granting pre-decisional hearing and without providing reasons to believe is impermissible. Accordingly, order is quashed.
The Tribunal held that only the first non-compliance under Section 142(1) could attract penalty, deleting the remaining ₹50,000 imposed for repeated defaults. It also restored penalties under Sections 271A and 271(1)(c) for fresh adjudication since they depend on the pending quantum appeal.
Rajasthan High Court held that criminal prosecution wholly on allegation of concealment is liable to be quashed since the Tribunal has adjudicated that there was neither concealment during penalty proceedings hence there remains no factual or legal basis for the prosecution to survive.
The Tribunal held that once sales are accepted and basic supporting documents exist, only the profit element in alleged bogus purchases can be taxed. It upheld a 6% GP addition and rejected the Revenue’s demand for 100% disallowance.
