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...
The dominant issue was whether revision under s.263 could be sustained on the premise that carry forward of unabsorbed depreciation and business losses was wrongly allowed due to non-fulfilment of the three-year existence condition in s.72A(2). The court held that s.72A(4), applicable to a demerger, contains no such condition, and the record showed the authority was aware of the assessee's reliance on this distinction. As the revisional authority neither identified a concrete error in the assessment nor articulated any specific doubt despite available scheme orders, the s.263 direction was held to be a roving enquiry and invalid; questions were answered in favour of the assessee. - HC
The dominant issue was whether revision under s.263 could be sustained on the premise that carry forward of unabsorbed depreciation and business losses was wrongly allowed due to non-fulfilment of the three-year existence condition in s.72A(2). The court held that s.72A(4), applicable to a demerger, contains no such condition, and the record showed the authority was aware of the assessee's reliance on this distinction. As the revisional authority neither identified a concrete error in the assessment nor articulated any specific doubt despite available scheme orders, the s.263 direction was held to be a roving enquiry and invalid; questions were answered in favour of the assessee. - HC
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