thetaxcorp.in

SAFEMA Tribunal Allows CIG Realty Fund to Sell Attached Properties Under Escrow to Secure Rs. 284.92 Crore

Summary The Appellate Tribunal under SAFEMA, in M/s CIG Realty Fund v. Deputy Director, Directorate of Enforcement, New Delhi (Appeal ...
thetaxcorp.in

Limited Scrutiny Cannot Be Expanded Without Pr.CIT Approval: Madras High Court Rules in Favour of Charitable Society

Summary The Madras High Court's decision in Madras Craft Foundation Society Vs CIT (Exemptions) (W.P. No. 10673 of 2021, decided on 23.02.2024) reaffirms ...
thetaxcorp.in

Karnataka High Court: Wealth Tax Return Default and False Statements Can Be Prosecuted Without Prior Assessment Order

Summary The Karnataka High Court's ruling in K.R. Pradeep v. Income Tax Department makes clear that a completed assessment order is not a ...
thetaxcorp.in

Gujarat High Court Quashes Section 148 Reassessment Notice: Broker's Inquiry Register Entry Lacks Live Nexus to Assessee's Transaction

Summary The Gujarat High Court's decision in Sanjaykumar Amrutlal Patel Vs ITO serves as a significant check on the use of search material from ...
thetaxcorp.in

E-way Bill Detentions Under GST Section 129: Penalties, Appeals & Reforms

Summary The adjudication of goods-in-transit detentions under Section 129 has evolved from a combined tax and penalty mechanism to a stringent ...
thetaxcorp.in

CESTAT Chennai Upholds Customs Duty Demand on Target Plus Scheme Imports: Section 112 Penalties Set Aside for Defective Show-Cause Notice

Summary The CESTAT Chennai, in Amit Kumar Jain Vs Commissioner of Customs (Customs Appeal No. 41299/2014, decided 18.03.2026), upheld the customs ...
thetaxcorp.in

ITAT Ahmedabad Quashes Reassessment and Rejects Section 68 Addition Where Kushal Limited Share Trading Profit Was Duly Disclosed

Summary The ITAT Ahmedabad, in ACIT Vs Shital Omprakas Agrawal (I.T.A. Nos. 2240/Ahd/2025), reaffirmed that reassessment proceedings under Section ...
thetaxcorp.in

Pre-COVID Loan Default Cannot Be Shielded by Section 10A: NCLAT Delhi Ruling in Sushma Paranjpe vs Rohan Developers

Summary The NCLAT Delhi's ruling in Sushma Paranjpe vs Rohan Developers Private Limited clarifies that the protection afforded by Section 10A of ...
thetaxcorp.in

ITAT Rajkot Deletes Rs. 26.02 Lakh Loan Addition: Borrowed Satisfaction, Cross-Examination Denial and Genuine Repayment

Summary The ITAT Rajkot's decision in Hemal Paresh Madeka Vs ACIT (ITA No. 955/RJT/2026) is a comprehensive ruling that dismantles an addition of ...
thetaxcorp.in

FEMA Penalties Partly Set Aside: SAFEMA Tribunal Rejects Rs. 4.08 Crore Charge Based on Third-Party Loose Sheets

Summary The Appellate Tribunal under SAFEMA has drawn a clear evidentiary line for FEMA prosecutions. A high-value charge of Rs. 4,08,01,515 under ...
thetaxcorp.in

Section 270A Penalty Quashed by ITAT Chennai: Vague Show-Cause Notice and Unproven Misreporting Grounds Cannot Sustain Penalty

Summary The ITAT Chennai's decision in Enrica Enterprises Pvt. Ltd. Vs DCIT underscores a critical procedural and substantive discipline that must ...
thetaxcorp.in

Prior Notice to Creditors Not a Mandatory Precondition for Admission of Section 10 IBC Application: NCLT New Delhi in Go Airlines Matter

Prior Notice to Creditors Not Mandatory Before Admission of Section 10 IBC Application: NCLT New Delhi Rules in Go Airlines Case 1. Background and Context. The National Company La ...