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...
Search warrant substantially complied with statutory requirements despite listing bank account before assessee name; search validity sustained and grounds challenging panchnama dismissed. Assessment for the year of search was correctly framed under the ordinary assessment provision while assessments for the six preceding years fall under special post-search assessment procedure, so framing under the ordinary provision for the search year is upheld. Additions based solely on a definition provision were reversed because a charging provision is required to create tax liability; the appellate authority's recharacterisation as business income was rejected since no factual or commercial basis established that the taxpayer carried on such business.
Search warrant substantially complied with statutory requirements despite listing bank account before assessee name; search validity sustained and grounds challenging panchnama dismissed. Assessment for the year of search was correctly framed under the ordinary assessment provision while assessments for the six preceding years fall under special post-search assessment procedure, so framing under the ordinary provision for the search year is upheld. Additions based solely on a definition provision were reversed because a charging provision is required to create tax liability; the appellate authority's recharacterisation as business income was rejected since no factual or commercial basis established that the taxpayer carried on such business.
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