ITAT Mumbai deleted a ₹5.10 crore addition made under Section 69A for cash deposits during demonetisation, holding that once sales are recorded, audited, and taxed, further additions based on suspicion or third-party denials are unjustified.
SEBI has directed that mutual funds cannot invest in private share placements before a company’s IPO, limiting participation to the public issue or anchor allocation to protect investors.
ITAT Mumbai allowed a Rs.109.73 Cr relief, ruling that payments for centralized support services like HR and IT are not taxable as FTS or Royalty under India-Belgium DTAA. court held that these routine corporate activities lacked element of transferring technical knowledge or expertise.
Supreme Court held that urgency in intellectual property infringement suits arises from continuing nature of wrong, not from how long infringement has persisted. Delay alone cannot bar exemption from pre-institution mediation under Section 12A. Court restored the suit, clarifying that each act of ongoing infringement creates a fresh cause of action.
The Karnataka High Court ruled that a bank is bound to comply with an Arbitral Tribunal’s order, such as freezing an account, without requiring separate execution proceedings. The key takeaway is that a bank’s compliance with a direct arbitral directive is lawful and not contingent on a civil court’s enforcement order.
The Karnataka High Court affirmed the legality of an ED arrest made in Sikkim concerning a Bengaluru-registered money-laundering case. The ruling establishes that PMLA confers pan-India jurisdiction on the ED, making the geographical location of the arrest irrelevant if a valid ECIR exists.
CBIC inaugurates the new, eco-friendly CGST Bhawan in Ghaziabad. A DRI officer is elected Chair of the WCO Anti-Piracy Group, and the DRI dismantles a major ₹110 crore narcotics network in the Delhi-NCR region.
Court upheld Canara Bank’s decision to permanently cut a retired Chief Manager’s pension for issuing an unauthorised ₹300 crore manual LoC, ruling that grave misconduct proceedings can continue post-retirement under Bank Regulations 43 and 45.
Karnataka High Court granted anticipatory bail in a PMLA case noting that the predicate offence was still under police investigation and the accused was already on regular bail, making further custodial interrogation unnecessary.
The Gauhati High Court granted bail to Mukesh Agarwal, accused of Rs. 15.2 Cr GST evasion, ruling his arrest illegal. The DGGI failed to issue mandatory pre-arrest notice under BNSS (S. 41A CrPC equivalent), violating Supreme Court guidelines in Arnesh Kumar and Satender Kumar Antil, confirming procedural compliance is vital even under the special CGST Act.
