Home Highlights January 2015 Year 2015 This

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1. The Appellate Tribunal found the Appellant Company guilty of contravening u/s 9(1)(a) of FERA 1973 by making payments to a person outside India without RBI permission....

2. Amendment to rules governing salary, allowances and service conditions of Chairperson and members of Insolvency and Bankruptcy Board of India. Key changes: Chairperson's...

3. The notification amends the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules,...

4. Imported goods classification disputed - whether silver jewellery freely importable or restricted category under ITC (HS) Code 71069210. Court found respondent's...

5. SC upheld the Tribunal's compensation award in a motor accident death claim, restoring Rs. 58,24,000/- for father and Rs. 93,61,000/- for mother against claimed amounts...

6. HC addressed valuation dispute regarding exported Printed Circuit Boards where penalty was significantly increased from Rs.1,00,000 to Rs.1,00,00,000 in subsequent...

7. The Appellate Tribunal held that for determining the holding period of a property or calculating long-term capital gains, the date of allotment of the property is...

8. Proprietorship concerns lack legal personhood; proprietor deemed necessary party. Proceeds of crime from VAT fraud laundered through multiple entities. Appellant's...

9. In the case, ITAT decided on two main issues: 1. Addition on account of Gold and Silver Jewellery u/s 69A: Assessee disclosed Rs. 70,00,000 as unexplained investment...

10. Applicability of the Foreign Exchange Regulation Act (FERA) provisions to a non-resident bank and its CEO. The bank was charged with contravening sections 64(2), 6(4),...

11. The High Court considered a case involving smuggling of gold under Sections 135(1)(a) and 135(1)(b) of The Customs Act, 1962. The petitioners were found in possession of...

12. The petitioner issued two post-dated cheques bearing No. 622623 for Rs. 93,00,000/- and No. 622624 for Rs. 1,54,00,000/- to the respondent as per a Deed of Undertaking....

13. Dishonor of Cheque - he trial court is empowered to direct payment of compensation, double that amount. Rs. 7,02,500/- is the fine imposed in the case on hand and the...

14. ITAT modified multiple additions in a tax appeal concerning bogus purchases and unexplained money. For contested purchases of Rs. 13,80,63,994, ITAT directed application...

15. ITAT upheld partial rejection of books under s.145(3) due to unverifiable self-made cash vouchers, though specific quantification was lacking. Given turnover of...