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...
Admissibility of appeal requires existence of an original return; where an original return under the normal return provision was filed and processed, absence of a return in response to a notice does not permit dismissal under the provision applied by the first appellate authority, so the dismissal was set aside. Advance tax is payable only on estimated and admitted income; requiring payment in respect of disputed or ex parte additions as a precondition to admit an appeal is impermissible. Matter is remitted for fresh assessment after affording the assessee an opportunity to be heard and considering submissions and evidence.
Admissibility of appeal requires existence of an original return; where an original return under the normal return provision was filed and processed, absence of a return in response to a notice does not permit dismissal under the provision applied by the first appellate authority, so the dismissal was set aside. Advance tax is payable only on estimated and admitted income; requiring payment in respect of disputed or ex parte additions as a precondition to admit an appeal is impermissible. Matter is remitted for fresh assessment after affording the assessee an opportunity to be heard and considering submissions and evidence.
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