RBI fines Axis Bank ₹1.91 crore and HDFC Bank ₹1 crore for regulatory violations related to deposits, KYC norms, and customer service. Full details inside.
JNCH issues SOP to prevent pilferage of containers. CFS, ports, and customs staff must follow guidelines on container scanning and reporting. Full details inside.
CBI arrests Customs and CGST officers in bribery cases; Court sentences ex-Superintendent of Central Excise for accepting a bribe in Ahmedabad.
Supreme Court denies retrospective application of amended Section 80DD in Ravi Agrawal vs Union of India, upholding the policy original objective for disabled beneficiaries.
Delhi High Court held that passing of a draft assessment order as mandated under section 144C of the Income Tax Act is mandatory prior to passing of final assessment order. Accordingly, order liable to be set aside.
ITAT Ahmedabad held that restriction of addition to Rs. 1.45 crore from Rs. 9 crore towards unexplained cash credit on account of share application money by CIT(A) justified as the same was based on evidences.
Karnataka High Court held that passing of order under section 201(1) and 201(1A) of the Income Tax Act beyond period of four year is barred by limitation. Accordingly, impugned order set aside.
Chhattisgarh AAAR ruled that GST applies to rejected/damaged paddy as it unfit for human consumption. Such paddy does not qualify for tax exemption.
Madras High Court condoned the delay in filing of an appeal before concerned authority as delay occurred in searching relevant documents to disprove the allegation of business transaction undertaken with a non-existent entity.
Madras High Court held that reopening the closed matter without assigning specific or new reasons is contrary to law and in violation of the principles of natural justice. Thus, order impugned is liable to be quashed.
