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...
Deduction under s.10AA was denied on processing on the ground that the audit report in Form 56F was not filed along with the return within the prescribed time. It was held that Form 56F was filed within the extended due date notified by CBDT, and therefore could not be treated as belated for denying the s.10AA claim; the first appellate authority correctly allowed the deduction. It was further held that, for the relevant AY, s.10AA benefit is not contingent on filing the return within the due date under s.139(1), and a return filed under s.139(4) does not bar the claim. The disallowance was set aside and relief to the assessee sustained. - ITAT
Deduction under s.10AA was denied on processing on the ground that the audit report in Form 56F was not filed along with the return within the prescribed time. It was held that Form 56F was filed within the extended due date notified by CBDT, and therefore could not be treated as belated for denying the s.10AA claim; the first appellate authority correctly allowed the deduction. It was further held that, for the relevant AY, s.10AA benefit is not contingent on filing the return within the due date under s.139(1), and a return filed under s.139(4) does not bar the claim. The disallowance was set aside and relief to the assessee sustained. - ITAT
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