Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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The High Court rejected the application for grant of regular bail filed by the applicant accused of offences u/ss 420, 467, 468, 471, 120-B IPC and Sections 7 & 12 of the Prevention of Corruption Act, 1988 relating to a liquor scam and money laundering case. The Court observed that economic offences are grave, affecting the country's economy, involving huge loss of public funds posing a serious threat to financial health. The applicant played a pivotal role in facilitating payment of bribes to criminal syndicates involved in extorting illegal commissions and unauthorized sale of liquor causing an estimated Rs.1660 crore loss to the state exchequer. Considering the severity of offences, gravity of accusations, ongoing investigation and the Supreme Court's view on corruption being an enemy of the nation, the Court opined release on regular bail was not proper.
The High Court rejected the application for grant of regular bail filed by the applicant accused of offences u/ss 420, 467, 468, 471, 120-B IPC and Sections 7 & 12 of the Prevention of Corruption Act, 1988 relating to a liquor scam and money laundering case. The Court observed that economic offences are grave, affecting the country's economy, involving huge loss of public funds posing a serious threat to financial health. The applicant played a pivotal role in facilitating payment of bribes to criminal syndicates involved in extorting illegal commissions and unauthorized sale of liquor causing an estimated Rs.1660 crore loss to the state exchequer. Considering the severity of offences, gravity of accusations, ongoing investigation and the Supreme Court's view on corruption being an enemy of the nation, the Court opined release on regular bail was not proper.
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