The Tribunal found the ED’s delayed prosecution complaint timely in view of the pandemic-related exclusion of limitation. It confirmed the attachment of Karti Chidambaram’s Jor Bagh property and bank accounts, rejecting claims of lapse under Section 8(3)(a).
ITAT ruled that the sale of a commercial property after six years due to prolonged vacancy and financial pressure is a capital transaction, not an adventure in trade. The income must be assessed as Long-Term Capital Gains.
The Appellate Tribunal confirmed the attachment of 511 properties valued at Rs.96.05 crore, ruling they were proceeds from illegal granite mining. The judgment reaffirmed that money-laundering is a continuing offense, validating the attachment even for assets acquired before the PMLA came into force.
Finding procedural lapses in document disclosure, the Tribunal invalidated the ED’s order retaining ₹5.75 lakh seized from Gurudev Jewellers. It reaffirmed that all relied-upon documents must be provided to affected parties to ensure fair adjudication.
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.
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.
The ITAT Kolkata dismissed an appeal filed by Santhosh Devi Soni as withdrawn after the assessee elected to settle the tax dispute under the Direct Tax Vivad Se Viswas (DTVSV) Scheme, 2024.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.
The ITAT Lucknow quashed the ex-parte appellate orders for AY 2013-14, 2015-16, and 2016-17, ruling that the CIT(A) failed in its statutory duty to pass a speaking order on the appeal merits. The case is remitted for a de novo assessment.
