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    Minimum alternate tax does not apply to statutory bodies outside the Companies Act, leaving book-profit disallowance challenge unsustainable.
    Reassessment based on inapplicable share-transaction information fails when disclosed intraday profit does not match the recorded reopening reasons.
    Surplus interest-free funds rebut interest disallowance, while section 14A computations cannot alone increase minimum alternate tax book profit.
    Electronic filing delay in charitable trust audit reporting warranted condonation where genuine hardship arose from clerical omission.
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    Unverifiable purchases warrant only embedded-profit estimation when accepted sales and records show actual goods were procured.
    Reasonable cause for journal-entry loan transfers can protect genuine restructuring transactions from penalties for prescribed loan acceptance modes.
    Commercial nexus of facilitation services supports deduction of commission expenditure against income from other sources.
    Reassessment limitation for pre-2021 assessment years invalidated a belated notice, while unsupported share-sale cash-credit additions were deleted.
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      Companies Law

      The Delhi High Court upheld the order quashing of the...

      Court Upholds Quashing of Disciplinary Proceedings, Clarifies Executive vs. Quasi-Judicial Functions in Decision-Making.

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      Companies LawMay 22, 2024Case LawsHC
      The Delhi High Court upheld the order quashing of the disciplinary proceedings against the Regional Director (NR) of ROC, emphasizing the distinction between executive and quasi-judicial functions under the Act. The court held that an authority's act can be quasi-judicial even without two competing parties, considering factors like nature of rights affected. Referring to relevant case law, the court highlighted the need for objective criteria and consideration of objections for a function to be quasi-judicial. The court noted the elaborate procedure under Rule 30 for shifting applications, requiring examination of objections and reports from RoCs. Despite allegations of misconduct, the court found no fault in the respondent's approval of shifting applications, given reliance on information provided and lack of alerts about pending inspections. The court dismissed the petition, emphasizing the respondent's heavy workload and lack of evidence against other officers involved.

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      ActsIncome Tax