Category: Judgments

Bank can’t freeze account of company because director of company was facing a matrimonial dispute with his wife – High Court In a recent judgment, the Hon’ble Allahabad High Court has directed bank to allow the petitioner company to operate its current account which was freezed by it because …

Penalty u/s 271E deleted for repayment in cash unsecured loan taken from founder director to meet expenses when bona-fide of transaction was not disputed. In a recent judgment, the ITAT Rajkot has deleted penalty u/s 271E of the Income Tax Act, 1961 (the Act) because due to bank …

Mere act of dishonor of cheques issued by a chartered accountant would not amount to misconduct – High Court In a recent judgment, the Hon’ble Delhi High Court held that mere act of dishonor of cheques issued by chartered accountant would not amount to misconduct. Whether dishonour of …

High Court incorrectly exercised writ jurisdiction to preclude statutory mechanism and procedure under IBC from taking its course –Supreme Court In a recent judgment, the Hon’ble Supreme Court set aside the order of the High Court and held that it incorrectly exercised writ jurisdiction as it precluded the …

Cost imposed on Authorities for cancelling GST Registration of the assessee without assigning any reason  In a recent judgment, the Hon’ble Allahabad High Court has imposed a cost on GST Authorities for cancelling GST Registration of the assessee without assigning any reason for cancellation. ABCAUS Case Law Citation:4418 …

Penalty u/s 272A(1)(d) deleted. Though law is equal to all, its implementation should not be in a way to take undue advantage of the inability of the assessee – ITAT  In a recent judgment, the ITAT Mumbai has deleted penalty u/s 272A(1)(d) of the Income Tax Act, 1961 …

If defects u/s 139(9) removed, date of filing of original return has to be considered for the purpose of computing the period of limitation for issue of notice u/s 143(2) In a recent judgment, the Hon’ble Supreme Court dismissed the Special Leave Petition (SLP) of the Income Tax …

NFRA finds significant deficiency in the verification of related party transactions and arm’s length price by PWCA LLP Section 132 of the Companies Act, 2023 inter alia, mandates NFRA, to monitor compliance with Auditing and Accounting Standards, to oversee the quality of service of the professions associated with …

A common and consolidated approval u/s 153D for all assessment years in complex matters of search showed non application of mind – ITAT In a recent judgment, the ITAT Delhi has held that a common approval u/s 153D for all assessment years in complex matters of search without …

Observation of CIT(A) that AO is empowered to reopen the assessment u/s 147/148 can not be said to be illegal – ITAT In a recent judgment, the ITAT Delhi has held that observation of CIT(A) that Assessing Officer (AO) is empowered to reopen the assessment under section 147/148 …