ROC Chennai imposed penalties on Bon Fresh Foods Pvt. Ltd. and its directors for violating Section 42 of the Companies Act, 2013 by failing to disclose offeree details during private placement.
The Tribunal confirmed that a benami transaction occurred when ₹43.5 lakh of unaccounted cash was routed through a third-party firm as an accommodation entry. However, due to inconsistent evidence regarding the link between this benami cash and the attached property, the case was remanded for a new adjudication.
ROC Pune imposed ₹4 Lakh in penalties on Tech Spanner Info Private Limited and directors for violating Section 134(8) by misreporting the number of board meetings in annual returns across five financial years.
Rejecting claims of legitimate book payments, the Tribunal found that amounts received from Future Maker Life Care were linked to money laundering. It upheld the ED’s attachment orders against Mind is King and its partners.
Appellate Tribunal confirmed that money is a liquid form of asset under FEMA Section 3(d), rejecting the exporter’s argument to the contrary in a fraudulent export scheme. The Tribunal confirmed the contravention but reduced the cumulative penalty from Rs.12 lakh to Rs.6 lakh.
The Appellate Tribunal dismissed the Union of India’s appeal seeking enhancement of the ₹1 crore penalty imposed on two individuals for FEMA violations related to an overseas property purchase. The Tribunal affirmed the Special Director’s decision, holding that the levied penalty was reasonable considering the facts, including the payment of a loan by the father despite the property being in the son’s name.
Traditional schooling’s 19th-century model often fails to teach essential life skills like finance, communication, and adaptability. A shift to a vocational and practical learning system, focusing on real-world skills and curiosity-driven exploration, is necessary to prepare students for the 21st-century economy and foster genuine innovators.
The ITAT Kolkata dismissed an appeal filed by Santhosh Devi Soni as withdrawn after the assessee elected to settle the tax dispute under the Direct Tax Vivad Se Viswas (DTVSV) Scheme, 2024. The Tribunal accepted the withdrawal request since the dispute was resolved under the settlement scheme.
Intangible assets like patents, brands, and software are critical non-physical resources fueling competitive advantage and market valuations in today’s economy. Their recognition and valuation must adhere to IAS 38, typically using Income-based methods like Relief from Royalty.
Real estate is a superior long-term investment compared to gold and silver due to its potential for steady rental income, capital appreciation, tax efficiency, and strong financial leverage through loans.
