Interest on delayed payment of raw materials supplied during CIRP and liquidation - Estoppel by full and final settlement undertaking Interest on delayed payment of raw materials supplied during CIRP and liquidation - Entitlement of an operational creditor to interest on delayed payment for raw materials supplied as CIRP and liquidation costs where neither the invoices nor a separate agreement provided for interest - HELD THAT: - The Court found that the invoices contained no stipulation for ... ... ...

Res judicata - Finality of valuation report in compulsory share buyout - Maintainability of an application seeking rectification and fresh valuation of company shares after the valuation process and report had attained finality in earlier appellate proceedings - HELD THAT: - The earlier appellate determination had found no ground to interfere with the valuation mechanism or report, particularly as the appellant had been afforded opportunities to place submissions before the valuer and the adj... ... ...

SFIO investigation in public interest - formation of opinion on demonstrable relevant circumstances - Judicial review of statutory opinion Validity of the Central Government's order assigning an SFIO investigation in public interest into alleged false loan documentation and diversion of company funds, notwithstanding quashing of the FIR arising from homebuyer complaints - HELD THAT: - An order assigning an SFIO investigation in public interest must rest on relevant, demonstrable circumsta... ... ...

Appellate jurisdiction over baggage appeals - Scope of goods imported as baggage Maintainability before the Tribunal of appeals against confiscation and penalty relating to gold articles carried by arriving passengers as baggage - HELD THAT: - The proviso to Section 129A excludes the Tribunal's jurisdiction over appeals from orders of the Commissioner (Appeals) relating to goods imported or exported as baggage. Baggage denotes the mode and category of import; the dutiable, prohibited, con... ... ...

Statutory pre-deposit - curable defect in customs appeal - Special Additional Duty refund - recovery of erroneous refund and review proceedings - Consequential recovery demand - effect of reversal of foundational orders - Futile remand - appellate final adjudication Statutory pre-deposit - curable defect in customs appeal - Dismissal of appeals against recovery of Special Additional Duty refunds for non-payment of mandatory pre-deposit without notice of the deficiency or a hearing - HELD THAT... ... ...

Service of adjudication order and limitation for customs appeal - Reasonable belief and burden of proof for unmarked gold seized from domestic passenger Service of adjudication order and limitation for appeal - Dismissal of the customs appeal as time-barred despite absence of proof of prior service of the adjudication order - HELD THAT: - The copy of the Order-in-Original was supplied through the RTI process, and the Revenue produced no evidence of an earlier service upon the appellant. The a... ... ...

AIFTA preferential tariff - Certificate of Origin - Regional Value Content - Entitlement of imported silver bangle jewellery to the AIFTA preferential tariff where the Regional Value Content was certified in a genuine Thai Certificate of Origin HELD THAT: - The DGFT wastage limits applicable to manufacturers of silver jewellery in India could not be applied to a foreign manufacturer. The Certificate of Origin issued by the Thai Department of Foreign Trade was genuine, and the Revenue produced... ... ...

Extended limitation for customs duty recovery - Certificate of origin for preferential customs duty exemption - Redemption fine where imported goods are unavailable Extended limitation for customs duty recovery - Invocation of the extended limitation period for recovery of duty on imports cleared under a preferential customs duty exemption - HELD THAT: - The goods had been examined and cleared after allowing the claimed preferential benefit. The prescribed verification of the Certificate of O... ... ...

Benami transaction - burden of proving source of consideration and benefit of alleged beneficial owner - Provisional attachment of movable property - compliance with statutory preconditions Provisional attachment of movable property - statutory preconditions - Validity of provisional attachment of two movable assets without a show-cause notice and a prior provisional attachment order under section 24(3) - HELD THAT: - An attachment under section 24(4)(a)(i) could be made only in respect of pr... ... ...

Benami transaction-proof of consideration and beneficial ownership Determination of benami character of three agricultural land transactions purchased in the name of an ostensible holder, two of which were subsequently transferred to family members of the alleged beneficial owner - HELD THAT: - The Tribunal found that the ostensible holder lacked demonstrated financial capacity to fund the purchases, his bank account contained no entries corroborating the funding of the acquisitions or subseq... ... ...

Reassessment - borrowed satisfaction - Penny-stock share loss Reassessment - borrowed satisfaction - Validity of reassessment concerning alleged escaped income from penny-stock share transactions where the disallowance ultimately made differed from the information forming the basis of reopening - HELD THAT: - The reasons recorded referred to information of income having escaped assessment, whereas the assessment resulted in disallowance of a substantially different share-sale loss. This showe... ... ...

Charitable exemption - belated filing of Form 10B Entitlement of a registered charitable organisation to exemption under sections 11 and 10(23C) despite belated furnishing of Form 10B - HELD THAT: - The Tribunal held that delayed filing of Form 10B by an old trust registered under section 12A and carrying on charitable activities was a procedural lapse which, by itself, could not justify denial of the claimed exemption. The report was available during the appellate proceedings. Following S... ... ...

Bogus purchases - addition confined to additional profit element - Accepted sales and quantitative stock records - HELD THAT: - Third-party information and the non-availability of suppliers warranted verification, but could not conclusively establish that no goods were purchased when payments were through disclosed banking channels, stock records reflected receipt of goods, quantitative reconciliation was furnished, and the corresponding sales were accepted. The deficiencies in proving procur... ... ...

Addition rest solely on a retracted survey statement - uncorroborated income addition - Unsecured loans-documentary proof and repayment - Short deduction of tax at source-disallowance of contract payments - Capital introduction-explained source from proprietary business withdrawals Addition based on Survey statement - Addition for the difference between profit admitted during survey and profit disclosed in the audited accounts - HELD THAT: - The statement made during survey had been retracted... ... ...

Defective penalty notice - non specific charge un/s 271(1)(c) - Validity of penalty proceedings for alleged concealment of income or furnishing of inaccurate particulars where the show-cause notice retained both statutory limbs without specifying the charge HELD THAT: - A notice mechanically retaining both limbs, without striking off the inapplicable limb, fails to communicate the precise charge and deprives the assessee of an effective opportunity to respond. The defect goes to the root of t... ... ...

Penalty u/s 270A for under-reporting of income - delayed employees' PF and ESI contributions HELD THAT: - The claimed deduction, though rendered inadmissible upon clarification of the legal position, had been fully disclosed in the accounts, return and tax audit report. The claim was legally supportable when made, and there was no concealment, false disclosure or inaccurate furnishing of particulars. A disallowance arising from a subsequent authoritative interpretation of law could not, i... ... ...

Unexplained cash credit - proof of identity, creditworthiness and genuineness of unsecured loans - Rice-purchase addition - erroneous assumption regarding nil closing stock and stock valuation - Estimated rice yield - rejection of books before best-judgment assessment - Cash purchases of paddy from small farmers - evidentiary support through registers and vouchers Unexplained cash credit - Identity, creditworthiness and genuineness of unsecured loans - Addition of unsecured loans as unexplain... ... ...

Operating margin computation in transfer pricing - Persistent loss filter - Related-party transaction filters - Functional comparability under TNMM - Upper turnover filter in software-service comparability - Resale Price Method for medical-product distribution - TP adjustment confined to associated-enterprise transactions - Working-capital adjustment under TNMM - Notional interest on delayed trade receivables - Arm's length price of intra-group services Operating and non-operating items i... ... ...

Rectification of erroneously taxed interest on tax-free bonds - Fresh claim vis-a -vis mistake apparent from record - Rectification of the erroneous inclusion of interest on IIFCL and REC tax-free bonds as taxable income instead of exempt income u/s 10(15)(iv)(h) HELD THAT: - The Tribunal held that the erroneous reporting of interest from tax-free bonds as taxable income was a correction of a mistake apparent from the record and not a fresh claim. The restriction on entertaining a claim other... ... ...

Surcharge on private discretionary trust taxed at maximum marginal rate Computation of surcharge on private discretionary trust - Maximum marginal rate - Computation of surcharge on income-tax payable by a private discretionary trust assessed at the maximum marginal rate - HELD THAT: - The status of the assessee as a private discretionary trust taxable at the maximum marginal rate was undisputed. Following the Special Bench ruling in ARAADHYA JAIN TRUST [2025 (4) TMI 648 - ITAT MUMBAI], the T... ... ...