Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Mechanical approval without recorded reasons and failure to communicate any extension before expiry of the six-month period meant the seized cash could not lawfully be retained under the Customs Act; retention after that period was therefore without jurisdiction and the petitioners were entitled to return of the cash. Transfer of the cash to the income tax authorities during pendency of the writ proceedings, after customs had already lost jurisdiction, was treated as overreaching the court, justifying costs, though the amount was reduced after apology and an assurance of future compliance.
Mechanical approval without recorded reasons and failure to communicate any extension before expiry of the six-month period meant the seized cash could not lawfully be retained under the Customs Act; retention after that period was therefore without jurisdiction and the petitioners were entitled to return of the cash. Transfer of the cash to the income tax authorities during pendency of the writ proceedings, after customs had already lost jurisdiction, was treated as overreaching the court, justifying costs, though the amount was reduced after apology and an assurance of future compliance.
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