ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The HC grants the petitioner bail, subject to furnishing bail/surety bonds to the satisfaction of the trial court/duty magistrate and compliance with any imposed conditions. The court notes the offences under Section 132 expose liability up to five years' imprisonment but recognizes economic offences require stern treatment; however the allegations (operation of multiple bogus firms and wrongful availing/passing of input tax credit causing alleged loss) remain to be proved. Having been in custody since 18.04.2025 and where prosecution evidence is predominantly documentary and electronic, continued detention is unjustified as violative of Article 21 and the principle that bail is the norm and incarceration the exception; petition allowed.
The HC grants the petitioner bail, subject to furnishing bail/surety bonds to the satisfaction of the trial court/duty magistrate and compliance with any imposed conditions. The court notes the offences under Section 132 expose liability up to five years' imprisonment but recognizes economic offences require stern treatment; however the allegations (operation of multiple bogus firms and wrongful availing/passing of input tax credit causing alleged loss) remain to be proved. Having been in custody since 18.04.2025 and where prosecution evidence is predominantly documentary and electronic, continued detention is unjustified as violative of Article 21 and the principle that bail is the norm and incarceration the exception; petition allowed.
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