Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
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...
Clause 10(e) of the CBDT circulars was interpreted as illustrative, not exhaustive, for identifying law enforcement agencies. The High Court held that DGCEI, being an enforcement agency, falls within that expression and could not be excluded merely because it was not named alongside CBI, ED, DRI, SFIO and DGGI. The Tribunal had therefore misread the circulars in rejecting the Revenue's rectification application under section 254(2), and that rejection could not stand. The impugned order was set aside, the rectification matter was restored to the Tribunal, and the issue was remanded for fresh decision after hearing both sides.
Clause 10(e) of the CBDT circulars was interpreted as illustrative, not exhaustive, for identifying law enforcement agencies. The High Court held that DGCEI, being an enforcement agency, falls within that expression and could not be excluded merely because it was not named alongside CBI, ED, DRI, SFIO and DGGI. The Tribunal had therefore misread the circulars in rejecting the Revenue's rectification application under section 254(2), and that rejection could not stand. The impugned order was set aside, the rectification matter was restored to the Tribunal, and the issue was remanded for fresh decision after hearing both sides.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
