ITAT observed that Assessing Officer had treated jewellery sale proceeds as unexplained mainly because no wealth tax returns were filed. Tribunal restored the matter for fresh examination in light of supporting vouchers and legal precedents.
NCLT Mumbai held that protections available under the MSMED Act and RBI revival framework do not bar initiation of CIRP once financial debt and default are established. The Tribunal admitted the Section 7 application after finding default exceeding Rs. 24 crore.
The GSTAT held that customer emails denying receipt of ITC benefit could not outweigh books of accounts, ledgers, and credit notes showing price adjustments. The Tribunal recognised adjustment of dues as a valid mode of passing GST benefits.
CCI directed investigation into allegations that certain liquor manufacturers and distributors entered into restrictive agreements to increase market share and influence retail supply patterns.
The Mumbai ITAT held that donations made as part of CSR expenditure can still qualify for deduction under Section 80G if statutory conditions are satisfied. The Tribunal clarified that disallowance under Section 37 does not prohibit relief under Chapter VI-A.
The Mumbai ITAT held that a mismatch in loan repayment figures arising from an unpresented cheque could not automatically justify addition under Section 68. The Tribunal directed limited verification of subsequent payment before deciding the taxability issue conclusively.
The ITAT Ahmedabad held that a demolished and uninhabitable structure could not be treated as a residential house for Section 54F purposes. The Tribunal upheld the assessee’s eligibility for capital gains exemption.
The Gujarat High Court held that a taxpayers selection of No for personal hearing in Form DRC-06 cannot override the mandatory requirement under Section 75(4) of the GST Act. The Court quashed the order passed without granting personal hearing.
The Supreme Court held that insolvency proceedings under the IBC cannot be invoked merely to recover disputed dues arising from contractual transactions.
The Pune ITAT held that entire cash deposits in bank accounts cannot automatically be treated as unexplained income when the assessee appears to be only a conduit in an accommodation entry network. The Tribunal restricted the taxable addition to 2% of deposits after finding no evidence of actual enrichment.
