The Reserve Bank of India has issued revised Lead Bank Scheme (LBS) guidelines following a comprehensive review, superseding all earlier instructions. The revised framework reiterates that the Scheme aims to enhance priority sector credit and deepen financial inclusion through coordinated efforts of banks, governments and developmental agencies. It defines the roles of Lead Banks, Lead […]
The Hyderabad ITAT held that incomplete data retrieved from an inoperative computer could not prevail over audited books of account. It deleted the addition after finding no evidence of suppressed receipts or unexplained expenditure.
The Karnataka High Court upheld the Appellate Tribunal’s finding that the respondents satisfied the definition of person resident in India under Section 2(v) of FEMA. It consequently affirmed the setting aside of penalties and confiscation imposed by the Enforcement Directorate.
The Income Tax Department explains how faceless assessments under Section 144B operate through the e-Filing portal without requiring personal interaction. The FAQs also cover notices, responses, rectification requests, and outstanding demand procedures.
The High Court observed that investigation had concluded, charge sheets had been filed, and proceedings were stalled due to stays against other accused. In these circumstances, it granted regular bail with specified conditions.
The Calcutta High Court held that although the petitioner failed to satisfy the twin conditions under Section 45 of the PMLA, prolonged custody without trial justified grant of bail under Article 21 of the Constitution. Bail was granted subject to stringent conditions.
The Tribunal held that late fees could not be imposed where supplementary Bills of Entry were filed due to excess cargo discovered after clearance and the delay was not attributable to the importer. It ruled that Section 46(3) permits waiver in deserving cases.
The ITAT Delhi held that a consolidated satisfaction note covering several assessment years without year-specific analysis failed to satisfy the mandatory requirements of Section 153C. It quashed the assessment and dismissed the Revenue’s appeal.
The ITAT Kolkata held that reassessment completed without issuing the mandatory notice under Section 143(2) was a nullity in law. Since the original assessment was invalid, the revisionary proceedings under Section 263 could not be sustained. The appeal of the assessee was allowed.
The Mumbai ITAT held that interest received by an Indian branch from its overseas head office and branches is not taxable under the domestic law as it represents transactions with self. The Tribunal applied the principle of mutuality and dismissed the Revenue’s challenge.
