Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Section 37A had to be read as a whole, so the Directorate of Enforcement could challenge a seizure order after being heard before the Competent Authority; the departmental appeal was therefore maintainable. On the merits, subscription to a foreign company's shares, even through memorandum of association, constituted direct investment outside India and fell within foreign security. The Tribunal held that paid-up capital was not a precondition for acquisition, holding or transfer, and the Competent Authority erred in treating the shares as valueless and finding no contravention. It also held that equivalent value seizure under Section 37A is a one-time securing measure and cannot be duplicated for the same foreign security.
Section 37A had to be read as a whole, so the Directorate of Enforcement could challenge a seizure order after being heard before the Competent Authority; the departmental appeal was therefore maintainable. On the merits, subscription to a foreign company's shares, even through memorandum of association, constituted direct investment outside India and fell within foreign security. The Tribunal held that paid-up capital was not a precondition for acquisition, holding or transfer, and the Competent Authority erred in treating the shares as valueless and finding no contravention. It also held that equivalent value seizure under Section 37A is a one-time securing measure and cannot be duplicated for the same foreign security.
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