Inspection of non-record material in regulatory adjudication - Blanket access to confidential third-party data Entitlement of a noticee to inspect the Bank's Secretarial Portal and data stored on its servers and devices, which were neither in the regulator's possession nor on its record or relied upon in the proceedings - HELD THAT: - The earlier appellate order rejecting inspection of material not on record or forming part of the report had attained finality. The regulator had expres... ... ...

SEBI recovery proceedings against former director - Refund of funds raised through Redeemable Preference Shares - Remittance of attached bank funds Validity of recovery and remittance proceedings against a former Director of a company which raised funds through Redeemable Preference Shares during his tenure - HELD THAT: - The final SEBI order had directed the company and its named Directors, including the petitioner, to refund the amounts collected from investors and authorised recovery upon ... ... ...

Locus standi of individual intervenor in representative company proceedings - Additional material after conclusion of hearing Representative company proceedings - Locus standi of individual intervenor - Maintainability of an individual appeal by a shop owner against the final order in a representative petition concerning oppression and mismanagement - HELD THAT: - The intervention application had been heard and effectively disposed of, with liberty to the shop owners to pursue grievances only... ... ...

Interim stay of shareholder buy-out based on disputed valuation - Minority shareholder representation in company management Interim stay of shareholder buy-out based on disputed valuation - Interim enforceability of the buy-out and share-transfer directions founded on the valuation report - HELD THAT: - At the interlocutory stage, the Appellate Tribunal treated the valuation underlying the proposed buy-out as prima facie questionable, since the report was stated to have drawn upon earlier val... ... ...

Project-import concessional duty - finalisation of contract under Regulation 7 - Un-disposed application for extension of time Entitlement to the nil-duty project-import benefit where the importer sought extension for filing finalisation documents under Regulation 7 and furnished the documents before issuance of the show-cause notices - HELD THAT: - Though Regulation 7 requires the prescribed documents to be submitted within three months of clearance of the last consignment or within extended... ... ...

Penalty for attempted export of prohibited red sander logs - Bona fide export claim - Penalty imposed on the exporter for attempted export of prohibited red sander logs in place of declared polished granite slabs HELD THAT: - The purchase order produced to establish a bona fide export transaction materially differed from the shipping bill in description, quantity and value and was therefore rejected. The consignment was filed under a free shipping bill unlikely to be selected for examination;... ... ...

Interest on delayed payment of IGST before statutory amendment - Limitation for refund of interest paid as deposit Levy of interest on delayed payment of IGST under the Advance Authorisation Scheme for the pre-amendment period in the absence of a specific statutory provision - HELD THAT: - For the period before the legislative amendment, there was no specific statutory provision authorising interest on delayed payment of IGST. The High Court ruling M/s AR Sulphonates Private Limited. [2025 (4... ... ...

Re-import exemption for repairs and reconditioning - Identity of re-imported goods on re-export Eligibility for duty exemption on re-imported ductile iron castings sent for repair where freshly manufactured goods were exported instead - HELD THAT: - The exemption required re-export of the very goods re-imported for repairs or reconditioning. It did not permit substitution by freshly manufactured goods, notwithstanding similarity in their description or quality. Further, the shipping bill did ... ... ...

Reasonable belief for seizure of town-seized gold - Burden of proof of licit acquisition of gold - Retracted customs statement-evidentiary value - Penalty for alleged gold smuggling-conscious involvement Reasonable belief for seizure of town-seized gold - Burden of proof of licit acquisition of gold - Foreign origin and illicit importation - Confiscation of town-seized gold for alleged foreign origin and illicit importation, and discharge of the statutory burden regarding licit acquisition - ... ... ...

Retrospective operation of curative and machinery provisions under the Benami law - Prospective operation of new or enhanced penal provisions - Evidentiary value of unretracted sworn statements - Benami transaction - flat registered in relative's name - Recording and disclosure of reasons to believe for initiating benami proceedings Retrospective operation of curative and machinery provisions under the Benami law - Prospective operation of new or enhanced penal provisions - Temporal appli... ... ...

Special computation of general insurance business income - statutory allowances and prevention of double disallowance - Advertisement and marketing expenditure as an international transaction - Taxability of profit on sale of investments of a general insurer - Dividend exemption for a general insurance company - Section 14A adjustment in special computation of general insurance income - Co-insurance administration fees-principal-to-principal arrangement - Computer hardware consumables-revenue or... ... ...

Accumulation of charitable trust income under section 11(2) - Statutory conditions for accumulation of unspent income - Filing of Form 10 within the prescribed due date Claim for accumulation of a charitable trust's unspent income exceeding 15% under section 11(2), where the Board resolution was passed after the end of the financial year but Form 10 was filed within the prescribed due date - HELD THAT: - Section 11(2), read with rule 17(2), prescribes the conditions for accumulation, incl... ... ...

Business loss on waiver of loan advanced in ordinary course of business - Revenue loss or capital loss Deductibility as a business loss of a loan relinquished under a settlement agreement with a company in which the assessee was a shareholder-financier - HELD THAT: - The financial participation was found to be in the ordinary course of the assessee's diverse business activities. The shareholders' agreement treated the contribution as a loan repayable from business surplus, and the adv... ... ...

Limited scrutiny assessment - scope of enquiry - Revision for failure to enquire into matters beyond limited-scrutiny scope Validity of revision of a limited-scrutiny assessment for non-examination of the allowability of loss on sale of assets, where scrutiny was confined to high liabilities vis-a -vis low income and agricultural income - HELD THAT: - In a limited-scrutiny assessment, the Assessing Officer's enquiry is confined to the specified issues unless the case is converted into com... ... ...

Disallowance u/s 14A - Invocation of Rule 8D upon recorded dissatisfaction - Attribution of expenditure to qualifying patent royalty income Section 14A disallowance - Recorded dissatisfaction for invoking Rule 8D - Additional disallowance of expenditure relating to exempt dividend income despite the assessee's voluntary disallowance - HELD THAT: - The Assessing Officer could invoke Rule 8D only after examining the actual claim made by the assessee with reference to its accounts and record... ... ...

Section 54 deduction for under-construction residential flat - Relevant date of purchase-completion and possession Deduction u/s 54 for capital gains invested in an under-construction residential flat, where the agreement preceded the transfer but completion and possession fell within the prescribed period - HELD THAT: - For an under-construction flat, the date of agreement is not by itself determinative of the date of purchase. The transaction must be viewed in substance, and purchase is sub... ... ...

Interest disallowance on advances to fellow subsidiary - Investor-wise verification of share premium credits u/s 68 - Presumption of use of interest-free own funds Interest-free own funds - Interest disallowance on advances to fellow subsidiary - Disallowance of interest on a concessional advance to a fellow subsidiary u/s 36(1)(iii) - HELD THAT: - The assessee's interest-free own funds substantially exceeded the advance, and the advance had preceded the issuance of the interest-bearing d... ... ...

Deductibility of employee stock option discount - Internal CUP benchmarking of royalty receipts - Trading-segment transfer-pricing comparability - Gross margin as profit level indicator under other method - Functional comparability of IT support service providers - Functional comparability of digital marketing support service providers Employee stock option discount as revenue expenditure - Ascertained liability during vesting period - Allowability of discount on stock options issued to emplo... ... ...

Clubbing of income from property gifted by spouse - Belated claim for clubbing of income Taxability of capital gains from property gifted by the husband, where the claim for clubbing was raised only after limitation to assess the husband had expired - HELD THAT: - The Tribunal acknowledged that, in the ordinary course, income arising from sale of property gifted by a husband is assessable in the husband's hands under the clubbing provisions. However, the assessee neither filed a return no... ... ...

Unexplained cash credits from unsecured loans - Ad hoc disallowance of contractual payments - Alleged cash loans on third-party search evidence - Exclusive assessment procedure for third-party search material - Genuine purchases and estimated commission - Taxation of share buy-back proceeds - Unexplained money recorded in books of account - Penalty for alleged acceptance of cash loans Unexplained cash credits from unsecured loans - Interest on unsecured loans - Deletion of additions for unsec... ... ...