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Supreme Court Rules on Stamp Duty Penalty: A Critical Examination of Section 34 of the Karnataka Stamp Act, 1957

The Supreme Court of India, in the case of Seetharama Shetty vs. Monappa Shetty, addressed the legal implications of Sections 33, 34, 37, and 39 of th...

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Supreme Court Allows Revenue's Appeal in Income Tax Case on Unexplained Investment in Silver Bullion. Section 69A of Income Tax Act, 1961 Applicable Where Assessee Fails to Explain Source of Acquisition of Silver Found in Possession.

The present appeals were filed by the Revenue against the judgment of the Rajasthan High Court which allowed the appeals of the assessee, Prakash Chan...

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Supreme Court Reduces Penalty in Stamp Duty Dispute for Deed of Assent Treated as Gift Deed. Collector's Imposition of Maximum Ten-Times Penalty Set Aside for Lack of Reasoning and Discretionary Exercise.

The case involves a dispute over stamp duty and penalty imposed on a Deed of Assent executed by the Trustees of H.C. Dhanda Trust. Late Shri Harish Ch...

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Supreme Court Holds Section 15J Factors Illustrative in SEBI Penalty Adjudication. Adjudicating Officer Retains Discretion to Consider Mitigating Circumstances Beyond Stipulated Factors Under SEBI Act.

The Supreme Court of India adjudicated a reference arising from multiple civil appeals concerning the interpretation of Section 15J of the Securities ...

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Bombay High Court Allows Revenue's Appeal in Income Tax Case Regarding Redemption Fine as Business Expenditure. Redemption fine of Rs. 75,00,000 paid for unauthorized import of almonds held allowable as business expenditure under Section 37 of the Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the asses...

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Bombay High Court Hears Writ Petition Challenging Attachment and Proposed Sale of Residential Bungalow under Income Tax Act, 1961, on Ground of Limitation. Petitioner Contends That Tax Recovery Officer's Action Is Time-Barred Under Rule 68B of Second Schedule.

The petitioner, a 60-year-old Indian citizen, filed a writ petition under Article 226 of the Constitution of India seeking to quash and set aside the ...

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Bombay High Court Quashes Attachment and Sale of Residential Bungalow in Income Tax Recovery Proceedings. Order Beyond Limitation Period Under Rule 68B(3) of Second Schedule and Non-Compliance with Proclamation Requirements Render Sale Invalid.

The case involved a writ petition under Article 226 of the Constitution of India challenging the attachment and proposed sale of a residential bungalo...

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Bombay High Court Dismisses Appeal by Partnership Firm and Partner Against Penalty Under Customs Act — Double Jeopardy Plea Rejected. Penalty on firm and partner under Section 112 of Customs Act, 1962 is permissible as firm is a separate entity for penalty purposes.

The appeal arose from an order of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) dated 12 February 2004, which reduced penalties impo...