Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
SC held that anticipatory bail was improperly granted in economic offenses involving serious corporate fraud. The High Court's orders were set aside, considering the respondents' repeated attempts to avoid legal proceedings and the serious nature of allegations under the Companies Act. The Court emphasized that economic offenses constitute a distinct category of grave crimes affecting national financial integrity. Given the non-bailable nature of offenses under Section 447 and the issuance of non-bailable warrants and proclamation proceedings, the anticipatory bail orders were deemed perverse and unsustainable. The appeal was allowed, effectively nullifying the High Court's bail orders and requiring the respondents to submit to legal proceedings.
SC held that anticipatory bail was improperly granted in economic offenses involving serious corporate fraud. The High Court's orders were set aside, considering the respondents' repeated attempts to avoid legal proceedings and the serious nature of allegations under the Companies Act. The Court emphasized that economic offenses constitute a distinct category of grave crimes affecting national financial integrity. Given the non-bailable nature of offenses under Section 447 and the issuance of non-bailable warrants and proclamation proceedings, the anticipatory bail orders were deemed perverse and unsustainable. The appeal was allowed, effectively nullifying the High Court's bail orders and requiring the respondents to submit to legal proceedings.
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TaxTMI 
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