Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
Variable licence fee paid to the telecom regulator under the 1999 policy was held to be capital expenditure because it is consideration for acquiring/retaining the licence, and must be amortized under s.35ABB; the appellate relief treating it as revenue was reversed to that extent and the revenue's ground was partly allowed. Spectrum usage charges were distinguished as not covered by the SC ruling and, consistent with the assessment approach in another year, were treated as revenue expenditure deductible under s.37(1); the revenue's challenge on this aspect was dismissed. Subscriber verification penalty for KYC violations was held not hit by Explanation 1 to s.37(1) and remained allowable. Discounts on prepaid instruments were held outside s.194H, so disallowance under s.40(a)(ia) was deleted, with consequential direction to recompute s.80-IA deduction. - ITAT
Variable licence fee paid to the telecom regulator under the 1999 policy was held to be capital expenditure because it is consideration for acquiring/retaining the licence, and must be amortized under s.35ABB; the appellate relief treating it as revenue was reversed to that extent and the revenue's ground was partly allowed. Spectrum usage charges were distinguished as not covered by the SC ruling and, consistent with the assessment approach in another year, were treated as revenue expenditure deductible under s.37(1); the revenue's challenge on this aspect was dismissed. Subscriber verification penalty for KYC violations was held not hit by Explanation 1 to s.37(1) and remained allowable. Discounts on prepaid instruments were held outside s.194H, so disallowance under s.40(a)(ia) was deleted, with consequential direction to recompute s.80-IA deduction. - ITAT
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