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...
Gold jewellery forming stock-in-trade was seized and its release was sought in writ proceedings. Since stock-in-trade is not liable to seizure under the proviso to section 132(1)(iii) of the Income-tax Act, wrongful seizure could not justify continued retention or conditional release on furnishing a bank guarantee. On being prima facie satisfied that the petitioners had discharged the onus to prove the nature and source of the assets, the court held that release must be granted without insisting on any security, in terms of the first proviso to section 132B(1)(i) and the applicable Board instruction. - HC
Gold jewellery forming stock-in-trade was seized and its release was sought in writ proceedings. Since stock-in-trade is not liable to seizure under the proviso to section 132(1)(iii) of the Income-tax Act, wrongful seizure could not justify continued retention or conditional release on furnishing a bank guarantee. On being prima facie satisfied that the petitioners had discharged the onus to prove the nature and source of the assets, the court held that release must be granted without insisting on any security, in terms of the first proviso to section 132B(1)(i) and the applicable Board instruction. - HC
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