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...
Procedural incompleteness in an insolvency application should be treated as curable rather than a ground to foreclose the applicant's right to initiate CIRP; the adjudicating authority must assess whether the application satisfies statutory completeness and whether a default exists, and must afford the applicant an opportunity to rectify defects before rejecting. Rejection based solely on an auditor's disclaimer or perceived unreliability of financial statements without permitting supplementation is unsustainable; the matter requires fresh consideration with directions to allow production of missing documents and application of settled admission tests.
Procedural incompleteness in an insolvency application should be treated as curable rather than a ground to foreclose the applicant's right to initiate CIRP; the adjudicating authority must assess whether the application satisfies statutory completeness and whether a default exists, and must afford the applicant an opportunity to rectify defects before rejecting. Rejection based solely on an auditor's disclaimer or perceived unreliability of financial statements without permitting supplementation is unsustainable; the matter requires fresh consideration with directions to allow production of missing documents and application of settled admission tests.
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