Calcutta High Court ruled that a proprietary concern lacks independent legal identity, so omission to array trade name as accused under Section 138 NI Act is not fatal to prosecution.
FeaturedThe Supreme Court affirmed that lottery winnings are taxable under Section 115BB at 30%, irrespective of whether they are classified as business income, rejecting attempts to apply normal slab rates or allow deductions.
FeaturedThe Supreme Court held that customs valuation cannot be enhanced based solely on unverified export declarations from foreign suppliers. The ruling reinforces the requirement for independent corroboration in transfer pricing disputes.
FeaturedThe Supreme Court ruled that customs seizures must be based on reasonable belief supported by facts, not mere suspicion. The standard ensures protection against arbitrary enforcement.