prosecution

Appellants filed writ petition before the High Court for quashing the aforesaid order dated 24th April, 2001 of the appropriate authority rejecting their show cause and deciding to file criminal complaint. However, since the prosecution had already been launched against the appellants, the Division Bench of the High Court directed for treating the writ petition as an application under Section 482 of the Code of Criminal Procedure Code. Ultimately, the learned Single Judg.. Full Article

The finance ministry has quietly initiated the process of opening up the income tax files of politicians belonging to all parties and tallying their income statements with the affidavits filed by them with the Election Commission during the 2009 parliamentary polls. Verification of the assets declared by the Lok Sabha candidates, many of whom have now become MPs and even ministers, will help the department to assess if they had paid appropriate taxes as declared in thei.. Full Article

WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised all NBFCs to maintain records of clients for a period of 10 years from the date of transaction. The NBFCs will have keep records of the Identity of the Clients, both domestic or international, which will permit reconstruction of individual transactions so as to provide, if necessary, evidence for prosecution of persons involved in criminal acti.. Full Article

SUMMARY OF CASE LAW Merely on the basis of statement having been recorded, no addition can be made unless the same can be corroborated by any material either found during the course of survey or subsequently brought on record by the department while framing the assessment. Full Article

CASE LAW DETAILS:- Decided in the Case of:-Star Television vs. UOI , Decided by: Bombay High Court, S. 254 D (4A) was amended by the Finance Act 2007 to provide that if in respect of an application filed before 1.6.2007, the Settlement Commission did not pass a final order before 31.3.2008, the proceedings would abate. S. [...] Full Article

CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCH `A’, MUMBAI  In The case of: ACIT v. VIP Industries Ltd.  Appeal No. : ITA No. 4524/Mum/2006 Decided on: March 20, 2009 SUMMARY OF CASE LAW Where an assessee genuinely makes claim for a particular deduction by disclosing all the necessary facts relating to the same, that [...] Full Article

THE general perception about vigilance cases among Government officials is that the launching of a vigilance case takes no time but closure becomes indefinite. Dispelling such a myth the Central Vigilance Commission (CVC) in its report for the month of March, has revealed that as many as 488 officers were exonerated and closure of their [...] Full Article

Companies which commit criminal offence can be prosecuted and sentenced to fine, though they cannot be sent to jail as they are only juristic persons. This principle was reiterated by the Supreme Court in the case, Ballarpur Industries Ltd Vs State of Tamil Nadu. Recalling its 2005 judgment in the case, Standard Chartered Bank Vs [...] Full Article