Abiding by the principle of judicial hierarchy and binding precedent, the Kolkata ITAT directed the AO to consider only the investments yielding tax exempt income for computation of disallowance under.
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SAT Industries sold 4.05 percent equity shares held in its material subsidiary, Aeroflex Industries Ltd, to Ashish Kacholia and Bengal Finance & Investments Private Ltd for an aggregate amount of Rs 40.56 crore.
The Enforcement Directorate (ED) on Wednesday said that they have issued a Provisional Attachment Order under the Prevention of Money Laundering Act (PMLA), attaching Rs 72,32,42,045 lying in various bank accounts and payment gateway accounts .