Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
In a limited scrutiny selected only to examine share premium, the AO made an addition u/s 68 for unexplained cash credit relating to share application money, thereby travelling beyond the permitted scope; the addition and consequential assessment were held unsustainable and the assessment was quashed as nullity. Separately, the statutory notice u/s 143(2) was issued by one jurisdictional officer, but the assessment was completed by a different officer without a valid notice foundation; the assessment was held without jurisdiction and void ab initio, and was quashed. - ITAT
In a limited scrutiny selected only to examine share premium, the AO made an addition u/s 68 for unexplained cash credit relating to share application money, thereby travelling beyond the permitted scope; the addition and consequential assessment were held unsustainable and the assessment was quashed as nullity. Separately, the statutory notice u/s 143(2) was issued by one jurisdictional officer, but the assessment was completed by a different officer without a valid notice foundation; the assessment was held without jurisdiction and void ab initio, and was quashed. - ITAT
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