The Patna High Court reduced the penalty for release of a seized rental car from 50% to 30% of insured value, noting the owner was not an accused and the vehicle was leased out.
The Supreme Court upheld the centralisation of assessments under Section 127, holding that transfer for coordinated investigation following a search was justified. The ruling confirms that disclosed reasons and factual linkage are sufficient to sustain jurisdictional transfer.
The central bank has proposed sweeping changes to foreign exchange risk computation, standardising Net Open Position methodology and capital charges across regulated entities to match global Basel standards.
The High Court held that alleged violations under FERA could not be reopened in writ jurisdiction after being conclusively decided in civil suits and appeals. The ruling reinforces finality of adjudicated issues.
The Allahabad High Court declined to interfere with GST seizure and penalty orders, holding that disputed factual issues and availability of a statutory appeal barred writ jurisdiction.
The Madras High Court held that companies could not file manual income-tax returns after e-filing became mandatory from May 14, 2007. A manual return filed for AY 2008–09 was held legally invalid.
The Tribunal ruled that the enhanced tax rate under Section 115BBE cannot be applied retrospectively for demonetisation-period transactions. As the tax effect at normal rates fell below the monetary limit, the Revenue’s appeal was dismissed.
The Madhya Pradesh High Court held that income disclosed under the VDIS does not prevent tax authorities from scrutinising returns where material shows higher undisclosed income. Immunity under the Scheme applies only to the income actually declared.
The Bombay High Court held that reassessment proceedings are invalid when notices are issued in the name of an entity that had ceased to exist, rendering the entire assessment void.
The High Court examined whether the borrower was denied the mandatory 30-day period before auction under SARFAESI. Relying on the post-2016 legal position, it held that sufficient time was available and the sale was valid.
