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...
Expenditure incurred by a society on garba and advertisement was treated as connected with its cultural, social and educational objects, and the mere fact that payments were made to group concerns or that the activity resulted in a loss did not justify disallowance. The Tribunal found no material showing sham, bogus or object-unrelated expenditure, and noted that the authorities had not rejected the books of account under section 145(3) or identified any express defect in the tax audit report. Applying commercial expediency, it held that the tax authorities could not substitute their view for the assessee's business judgment. The loss disallowance was deleted and the appeal was allowed.
Expenditure incurred by a society on garba and advertisement was treated as connected with its cultural, social and educational objects, and the mere fact that payments were made to group concerns or that the activity resulted in a loss did not justify disallowance. The Tribunal found no material showing sham, bogus or object-unrelated expenditure, and noted that the authorities had not rejected the books of account under section 145(3) or identified any express defect in the tax audit report. Applying commercial expediency, it held that the tax authorities could not substitute their view for the assessee's business judgment. The loss disallowance was deleted and the appeal was allowed.
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