Home Highlights December 2015 Year 2015 This

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1. Claim of interest expenditure on loan - put to use - Tribunal was right in allowing the appeal filed by the assessee and holding that the term “put to use” applies to...

2. Undisclosed income - issuance of Look Out Circular (LOC) - pre-condition for issuance of a LOC, fulfilled or not - Mere suspicion of a person opening bank accounts in...

3. Validity of reopening of assessment - Although the AO may have entertained a suspicion that the Assessee’s income has escaped assessment, such suspicion could not form...

4. Additions u/s 68 - cash credit -AO doubted the creditworthiness or the genuineness of the transaction on the basis of mere presumption and suspicion without properly...

5. Right to speedy trial - Allegation of corruption on the ASI / Policer officer posted at Railway - Abetment in evasion of duty - Inordinate delay in filing the PR/final...

6. Power of High Court to entertain writ petition - The option to file statutory appeal was foreclosed by time limitation including extended period of limitation - it is...

7. Control of Yes Bank - Right to Nominate is not in the nature of a ‘contract of personal service’ and was not limited to the two individuals in question. There is no...

8. Power of High Court to entertain writ petition - alternative efficacious remedy u/s 129A - The court decided not to entertain the petitions on the basis of the...

9. Confiscation - Export of prohibited goods or not - woollen shawls of Pashmina wool - the admitted fact is that the consignment of 59 shawls was found to have 53 Pashmina...

10. Double jeopardy - penalty is civil in nature imposed by the statutory authority - criminal action even otherwise being not violative of Article 20(2) - argument of...

11. Foreign Direct Investment by citizen / entity incorporated in Pakistan - Circular

12. Adjournment sought - request for adjournment made by the Revenue - Pandemic, health, stress and advanced age can be a relevant factor for the assessee who is a senior...

13. Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

14. Set off of business losses - The expression “any“ business clearly includes all businesses, without making any distinction between speculation and non-speculation...

15. Import for Mega Power Project under exemption scheme - Auto Renewal of Security deposited as Fixed Deposit - This Court is of an opinion that Auto Renewal clause is a...