Home Highlights October 2016 Year 2016 This

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1. Initiation of re-assessment proceedings - Reasons to believe - AO initiated re-assessment proceedings just to verify the deposits and withdrawals from the bank account...

2. Condonation of delay in filing second appeal - no sufficient cause shown for delay - the file went missing - there are no reason to disbelieve the affidavit filed. The...

3. Addition u/s 68 - Bogus unsecured loan - The assessee no doubt has produced bank statement/confirmation of the entities from which the money found its place in the bank...

4. Unexplained cash deposited in the bank account - source of receipt - sale of agriculture produce to non-existing firm - The assessee has supported the closure of the...

5. Revision u/s 263 - unverified URD purchases - All these transactions are interconnected and linked with each other. If any of the transaction is doubted then...

6. Addition u/s 68 - Transaction for transferring the shares as discussed above has taken place in the subsequent years. This transaction can create a doubt/suspicion about...

7. Closure of liquidation process - sale of the Corporate Debtor as a going concern - It is no longer Res Integra that while approving a ‘Corporate Debtor’ sale as a ‘going...

8. Reopening of assessment - legality of issuance of notice u/s. 148 - Merely on a study by Investigation Wing ,as in this case explaining the general modus operandi...

9. Encashment of Bank Guarantees during CIRP period - scope of moratorium u/s 14 of IBC - If bank guarantee is beyond the mentioned amount in the bank guarantee, if the...

10. Undervalued/preferential/fraudulent transactions - Failure to adjudicate about the ingredients of Section 43, 45, 49 and 66, specifically - need for separate...

11. Cancellation of GST registration of petitioner - By saying that the registration has been obtained by fraud/wilful misstatement/suppression of facts, is not sufficient....

12. The Reserve Bank of India (RBI) issued Circular No. 11 on June 11, 2024, allowing Scheduled Commercial Banks with AD Category-I license to open additional current...

13. Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

14. Dishonor of Cheque - The accused account is at Vijaya Bank and the accused Bank has given endorsement of memo directly to the Manager of the complainant's Bank i.e.,...

15. Seeking for closure of the Liquidation Process - Corporate Debtor was being sold as a going concern in the e-Auction - Whether the Liquidator is authorized to sell the...