Home Highlights February 2013 Year 2013 This

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1. The High Court or Sessions Court should be reluctant to grant an interim stay on the operation of an order granting bail pending disposal of the cancellation application...

2. 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),...

3. Attachment of bank account - One year passed - Section 83(2) - The respondents-Banks are directed to allow the petitioners to operate their bank accounts forthwith - HC

4. 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...

5. Deduction u/s 80P(2)(d) was allowed for interest income earned by the assessee from fixed deposits and savings accounts with Ahmedabad District Co-operative Bank...

6. Addition u/s 68 - unexplained deposits in Dubai bank account - CIT(A) has observed that taxability of sum in Dubai Bank account is beyond the jurisdiction of Indian tax...

7. Cooperative society earned interest and dividend income from investments with cooperative banks and societies, qualifying for deduction u/s 80P(2)(d) to promote...

8. Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

9. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

10. The Appellate Tribunal held that income earned from investments in cooperative banks, which are not cooperative societies, is not eligible for deduction u/s 80P(2)(d) of...

11. Imposition of penalty u/s 271(1)(b) - non-compliance of the notice issued under Section 142(1) - if the assessee really had no connection with the Swiss Bank accounts,...

12. Addition u/s 40A(3) - cash payment in excess of prescribed limit - Genuineness or otherwise of payment is not a criteria to exclude cash payment in excess of prescribed...

13. Attachment of bank account - The order for releasing the attachment of bank accounts will come into operation upon deposit of Rs.8.00 lacs and filing an undertaking with...

14. The court granted regular bail to the petitioner in a case involving allegations of fraudulent claim of Input Tax Credit (ITC) and furnishing fake GST certificate for...

15. Seeking lifting of attachment on Bank Accounts of Directors - recovery of dues of the company, while the bank accounts of Directors were attached - The attachment on the...