Block assessment u/s 158BC not valid in case of consequential search on assessee based on material found in search of another person; Provisions of Sec. 158BD applicable in such case; Revenue not permitted to follow time limit applicable to assessment u/s 158BD in respect of assessment made u/s 158BC; Sec. 292B cannot cure every irregularity,…

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Loss from trading of derivatives in shares held as ‘deemed speculative’; When underlying asset (i.e. shares) is covered by Sec 73 explanation, derivatives deriving its values from shares falls within the Explanation to Sec 73(4); Overrules ITAT ruling; Exclusion of derivatives from definition of speculative transactions u/s 43 limited to computation of business income; It…

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The RBI has issued Circular No. RBI/2012-13/526/DNBS.PD/CC.No.328/03.02.002/2012-13 on 11.06.2013 stating that currently NBFCs are prohibited from Contributing capital to any partnership firm or To be partners in partnership firms. It is now clarified that partnership firms mentioned above will also include Limited Liability Partnerships (LLPs) and Association of persons, these being similar in nature to…

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The Supreme Court held as under: 1) Promise of ‘freebies’ (TV sets, laptops, mixers, grinders etc.) in election manifestoes of political parties was not ‘corrupt practice’ under section 123 of Representation of People Act, 1951. As the said section covered corrupt practices & inducements by candidates for winning elections (irrespective of whether the candidate’s party…

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Assessee can seek cross-examination of witnesses whose statements have been relied on to confirm charge of evasion against him; and any denial thereto may amount to violation of principles of natural justice and entire adjudication proceedings would be liable to be set aside : Gujarat HC  Gujarat Cypromet Ltd

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