Madras High Court held that the PMLA demands the existence of a predicate offence. When there is no predicate offence, initiation of proceedings under PMLA is a non starter. Thus, no predicate offence, no action by ED.
This Court considering the nature of the cargo and considering the facts that the said cargo had arrived at Chennai Port on 29.11.2024, deemed it fit to direct Revenue to reconsider the impugned order within a period of three weeks from the date of receipt of a copy of this order.
Significant to note that the assessment order was passed in the backdrop of information received from the French Government under the Double Taxation Avoidance Agreement (DTAA), indicating that assessee held bank accounts in HSBC Private Bank (Suisse), SA, Switzerland.
When sales were not doubted, entire purchases could not be disallowed merely on the ground that suppliers were non-genuine, it was deemed appropriate to restore the matter back to the file of AO for carrying out limited verification and addition should be restricted to profit estimation.
Gujarat High Court held that since provisions of DTAA would override the provisions of the Domestic Act where the provisions of the DTAA are more beneficial to the assessee. Thus, section 206AA of the Income Tax Act doesn’t override the provisions of 90(2) of the Income Tax Act.
ITAT Mumbai held that denial of claim of Foreign Tax Credit [FTC] for delayed filing of Form No. 67 not sustainable. Accordingly, order set aside and matter restored to file of AO to verify genuineness of the claim.
Pune ITAT rules Section 11(3) amendment on accumulated income is prospective, allowing a 6th year for utilization for past accumulations.
ITAT Delhi held that interest income from fixed deposits and loans given to employees is eligible for claiming benefit under section 10AA of the Income Tax Act. Accordingly, AO allowed to claim deduction u/s. 10AA and appeal of assessee allowed.
Supreme Court halts ocean freight service tax refunds, linking compliance to the outcome of a pending appeal on the levy’s constitutional validity.
The ROC Ahmedabad has imposed a penalty on GUJARAT PEANUT AND AGRI PRODUCTS LTD. and its directors for operating outside its Memorandum of Association for over five years.
