Updated 2024 Rules and RBI Directions make FEMA compounding structured and data-driven. Early, voluntary filings are key, while serious violations remain ineligible.
ITAT held that exemption under section 11 cannot be denied where the audit report in Form 10B was filed before CPC processed the return, even if the return itself was belated.
NCLAT Delhi held that once a transaction has been held to a fraudulent transaction there is no limitation to look back if the other ingredients of Section 66 (1) of the Insolvency and Bankruptcy Code are satisfied. Accordingly, appeal of appellants is dismissed.
ITAT ruled that protective addition of Rs.27.74 lakh in the assessee’s hands was unjustified as the real owners of the seized gold had already been assessed.
The Calcutta High Court stayed proceedings under Section 279(1) after the petitioner challenged the prosecution sanction, citing lack of collegium approval and denial of personal hearing.
The Calcutta High Court stayed further proceedings under Section 279(1) of the Income Tax Act, citing questions on jurisdiction and compliance with CBDT circulars for alleged tax evasion.
The Supreme Court upheld mandatory pre-deposit conditions under the VAT law, ruling that appeals can be lawfully restricted by statutory payment requirements.
The Tribunal deleted Rs. 1.03 crore added under Section 69A, holding that funds remitted from the USA originated from disclosed long-term capital gains. Detailed bank records and SWIFT copies substantiated the source beyond doubt.
Holding the issue covered by binding precedent, the Court ruled that reassessment proceedings not conducted in a faceless manner are unsustainable in law.
The Tribunal held that since the foundational notice for reassessment was invalid, the penalty imposed under Section 271AAC could not stand and was quashed.
