Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
The High Court permitted implementation of the sanctioned scheme of arrangement to address investor grievances and act on the enforcement authority's stand, but held that a civil forum could not incorporate or approve a covenant requiring joint applications to quash, compound, dismiss or discharge criminal proceedings. The alleged offences were serious and had to proceed to their logical conclusion before the competent criminal court. Lifting of attachment and disbursement to investors under the scheme were allowed, but expressly without diluting, affecting or terminating the pending criminal prosecution, which was directed to continue independently.
The High Court permitted implementation of the sanctioned scheme of arrangement to address investor grievances and act on the enforcement authority's stand, but held that a civil forum could not incorporate or approve a covenant requiring joint applications to quash, compound, dismiss or discharge criminal proceedings. The alleged offences were serious and had to proceed to their logical conclusion before the competent criminal court. Lifting of attachment and disbursement to investors under the scheme were allowed, but expressly without diluting, affecting or terminating the pending criminal prosecution, which was directed to continue independently.
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