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...
An assessee has statutory discretion to pursue either an appeal under s. 246A or revision under s. 264, and the revisional authority cannot refuse to exercise jurisdiction merely because the impugned order was appealable; consequently, rejection of revision on that ground was invalid and the matter was remitted for de novo consideration. The revisional power under s. 264 is wide and intended to prevent miscarriage of justice, extending to correction of mistakes or errors committed by the assessee in the return of income or audit report; accordingly, the authority was directed to consider such errors and grant relief if legally tenable after affording a hearing within a fixed timeframe - HC
An assessee has statutory discretion to pursue either an appeal under s. 246A or revision under s. 264, and the revisional authority cannot refuse to exercise jurisdiction merely because the impugned order was appealable; consequently, rejection of revision on that ground was invalid and the matter was remitted for de novo consideration. The revisional power under s. 264 is wide and intended to prevent miscarriage of justice, extending to correction of mistakes or errors committed by the assessee in the return of income or audit report; accordingly, the authority was directed to consider such errors and grant relief if legally tenable after affording a hearing within a fixed timeframe - HC
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