Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
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Penalty liability of firm partners for fraudulent input tax credit was upheld where the adjudicating authority linked them, through their own statements, WhatsApp chats and other electronic material, to fake invoices, fake e-way bills and hawala routing of funds. The High Court held that the order was a reasoned adjudication and that the findings showed the firm's affairs were carried on with the petitioners' knowledge and consent, bringing them within the liability contemplated under Section 122(1A). The challenge based on breach of natural justice failed, Kranti Associates was held inapplicable, and no case for interference under Article 226 was made out. The writ petition was rejected.
Penalty liability of firm partners for fraudulent input tax credit was upheld where the adjudicating authority linked them, through their own statements, WhatsApp chats and other electronic material, to fake invoices, fake e-way bills and hawala routing of funds. The High Court held that the order was a reasoned adjudication and that the findings showed the firm's affairs were carried on with the petitioners' knowledge and consent, bringing them within the liability contemplated under Section 122(1A). The challenge based on breach of natural justice failed, Kranti Associates was held inapplicable, and no case for interference under Article 226 was made out. The writ petition was rejected.
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