Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Share application money was treated as financial debt and the appellate tribunal applied res judicata to reject reopening issues already finally decided; consequence: the subsequent insolvency petition under Section 7 was properly admitted where the corporate debtor failed to refund amounts after prior proceedings. The tribunal found earlier assurances to refund were not genuine and, on merits, upheld admission of the petition and dismissed the appeal. Consequent orders directed refund of the interim deposit to the appellant, permitted the appellant to remit specified sums to the financial creditor, and allowed the resolution professional to continue CIRP excluding the specified interim period.
Share application money was treated as financial debt and the appellate tribunal applied res judicata to reject reopening issues already finally decided; consequence: the subsequent insolvency petition under Section 7 was properly admitted where the corporate debtor failed to refund amounts after prior proceedings. The tribunal found earlier assurances to refund were not genuine and, on merits, upheld admission of the petition and dismissed the appeal. Consequent orders directed refund of the interim deposit to the appellant, permitted the appellant to remit specified sums to the financial creditor, and allowed the resolution professional to continue CIRP excluding the specified interim period.
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