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...
Block assessment scope under Chapter XIV-B is governed by the definition of "block period"; where an Assessment Year falls within that period Section 158BA(2) causes pending proceedings to abate insofar as they relate to the block period. The court held that (re)assessment for AY 2022 23 falls within the block period conceptually, but denied writ relief because factual prerequisites were not established-no material showed the search disclosed the petitioner's total undisclosed income or linked company searches to his individual income-so the AO retains jurisdiction under Chapter XIV B if statutory conditions are met.
Block assessment scope under Chapter XIV-B is governed by the definition of "block period"; where an Assessment Year falls within that period Section 158BA(2) causes pending proceedings to abate insofar as they relate to the block period. The court held that (re)assessment for AY 2022 23 falls within the block period conceptually, but denied writ relief because factual prerequisites were not established-no material showed the search disclosed the petitioner's total undisclosed income or linked company searches to his individual income-so the AO retains jurisdiction under Chapter XIV B if statutory conditions are met.
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