Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
Imposition of a general penalty where concurrent assessment orders exist was held arbitrary under the doctrine against double punishment; consequence: the general penalty of Rs.50,000 was set aside. The liability for late fee was sustained on merits and the petitioner was directed to pay Rs.1,67,200 within 30 days; consequence: on compliance the impugned assessment order and recovery proceedings will be quashed and dropped immediately. Failure to comply permits recovery as if the petition were dismissed. Writ Petition disposed accordingly.
Imposition of a general penalty where concurrent assessment orders exist was held arbitrary under the doctrine against double punishment; consequence: the general penalty of Rs.50,000 was set aside. The liability for late fee was sustained on merits and the petitioner was directed to pay Rs.1,67,200 within 30 days; consequence: on compliance the impugned assessment order and recovery proceedings will be quashed and dropped immediately. Failure to comply permits recovery as if the petition were dismissed. Writ Petition disposed accordingly.
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