Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Reopening of assessment was valid where specific information and documentary material, including affidavits and tally entries naming lenders, connected to the AOs independent formation of belief that income had escaped assessment, establishing a live link and satisfying the tangible material requirement for initiating proceedings; therefore reassessment jurisdiction was sustained. Separately, denial of opportunity to cross-examine a witness whose statement formed the basis of additions violated principles of natural justice; the impugned appellate order is set aside on that issue and the matter is remitted with direction to permit cross-examination.
Reopening of assessment was valid where specific information and documentary material, including affidavits and tally entries naming lenders, connected to the AOs independent formation of belief that income had escaped assessment, establishing a live link and satisfying the tangible material requirement for initiating proceedings; therefore reassessment jurisdiction was sustained. Separately, denial of opportunity to cross-examine a witness whose statement formed the basis of additions violated principles of natural justice; the impugned appellate order is set aside on that issue and the matter is remitted with direction to permit cross-examination.
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