Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reopening of assessment beyond four years failed because the recorded reasons did not show any omission by the assessee to disclose fully and truly all material facts, and relied only on material already on record; the reassessment notice and proceedings for A.Y. 2011-12 were therefore invalid. On merits, the addition under section 68 for share capital and share premium was deleted because the assessee produced evidence of investor identity, creditworthiness and transaction genuineness, including banking and corporate records. The Tribunal also noted that the pre-2013 position did not require proof of source of source, and that premium-related doubts, section 56(2)(viib), and the later amendment to section 68 did not justify the addition on the facts stated.
Reopening of assessment beyond four years failed because the recorded reasons did not show any omission by the assessee to disclose fully and truly all material facts, and relied only on material already on record; the reassessment notice and proceedings for A.Y. 2011-12 were therefore invalid. On merits, the addition under section 68 for share capital and share premium was deleted because the assessee produced evidence of investor identity, creditworthiness and transaction genuineness, including banking and corporate records. The Tribunal also noted that the pre-2013 position did not require proof of source of source, and that premium-related doubts, section 56(2)(viib), and the later amendment to section 68 did not justify the addition on the facts stated.
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