Provisional release order by substituting the bank guarantee requirement with a bond of equivalent amount, while retaining other conditions. The Court emphasized that onerous financial conditions prior to adjudication are unwarranted, especially for non-prohibited goods, and directed release upon compliance within seven days.
Compounding fees collected from illegal mining, transportation, and storage of minerals constituted a ‘transfer of rights’ and consequently attracted Tax Collection at Source (TCS) under Section 206C(1C) as it involved parting with an interest in the mine.
RBI Notification No. RBI/2025-26/82 mandates uniform, transparent procedures for settling deceased customers’ claims across banks. Sets 15-day time limits and penalty for delays.
ITAT Jaipur held that surrendered income during survey cannot be treated as unexplained income or money u/s. 69 & 69A of the Income Tax Act and tax in accordance with provisions of section 115BBE. The same has to be assessed to tax under ‘business income’.
ITAT Delhi held that assessment under section 153A of the Income Tax Act based on common approval under section 153D of the Income Tax Act is non-est in the eye of law. Hence, the same is liable to be quashed.
Delhi High Court held that seized amounts prima facie being proceeds of crime cannot be termed as income of accused as trial in PMLA case is yet to be conclude. Accordingly, it is erroneous to treat such amount as taxable income recoverable by Income Tax Department.
ITAT Delhi held that mere presence of blank cheque without there being any other evidence, proving earning of any income or making of any capital transaction, the same cannot be treated as income. Accordingly, ground raised by revenue dismissed.
Supreme Court held that since all three conditions required to sustain levy of tax u/s. 3F(1)(b) of the Uttar Pradesh Trade Tax Act, 1948 are fulfilled, tax is leviable on ink and processing material used in printing lottery tickets.
The Tribunal held that since the Delhi High Court had restored the Industrial Park’s original Rs. 80 IA approval, the subsequent disallowance based on the quashed withdrawal was invalid. This affirms that a valid judicial ruling overrides the Central Government’s withdrawal order, securing the tax benefit for the taxpayer.
This ITAT Rajkot decision clarifies that when an assessee establishes a clear nexus between past bank withdrawals and subsequent demonetisation cash deposits, the high tax rate under Section 115BBE is not applicable. The Tribunal, citing a Gujarat HC judgment, deleted the entire addition except for a 5% estimated profit to balance revenue interest and taxpayer evidence.
