Case BriefsSupreme Court

Karnataka High Court and ITAT committed a “grave error” in holding that the requirement of furnishing a declaration under Section 10B (8) of the Income Tax Act, 1961 (IT Act) is mandatory, but the time limit within which the declaration is to be filed is not mandatory but is directory.

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Case BriefsSupreme Court

Supreme Court observed that Vijay Mallya “never showed any remorse nor tendered any apology for his conduct” of transferring a huge sum of US$40 million to his children instead of repaying his debt of more than Rs. 9000 crores to the banks.

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