Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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Reason to believe as an essential ingredient for imposing a penalty under section 112(b) is examined, with emphasis on corroboration failures and circumstantial indicators permitting an inference of prior knowledge rather than innocent carriage; the account's unverifiable intermediary, non traceable contact details and voluntary no objection to seizure supported that inference, sustaining the legal basis for penalty. The article also explains that judicial discretion may moderate penalty quantum on humanitarian and equitable grounds where confiscation and prosecution remain in place, resulting in reduced monetary penalties.
Reason to believe as an essential ingredient for imposing a penalty under section 112(b) is examined, with emphasis on corroboration failures and circumstantial indicators permitting an inference of prior knowledge rather than innocent carriage; the account's unverifiable intermediary, non traceable contact details and voluntary no objection to seizure supported that inference, sustaining the legal basis for penalty. The article also explains that judicial discretion may moderate penalty quantum on humanitarian and equitable grounds where confiscation and prosecution remain in place, resulting in reduced monetary penalties.
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