Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reassessment after four years was impermissible because the recorded reasons did not establish any failure to disclose fully and truly all material facts. The information relied on for reopening-the nature of the business, licence arrangement, Indian company status, shareholding structure and related particulars-was already disclosed in the return, annual report, tax audit report and Form 3CEB, and the reasons merely asserted nondisclosure without identifying any specific undisclosed fact. On the section 80-IA issue, the reasons were also found erroneous: the relevant enterprise was the container terminal undertaking owned by the Indian assessee, and the Revenue had overlooked the assessee's own development activity and installation of terminal equipment. The reopening notice and consequential orders were quashed.
Reassessment after four years was impermissible because the recorded reasons did not establish any failure to disclose fully and truly all material facts. The information relied on for reopening-the nature of the business, licence arrangement, Indian company status, shareholding structure and related particulars-was already disclosed in the return, annual report, tax audit report and Form 3CEB, and the reasons merely asserted nondisclosure without identifying any specific undisclosed fact. On the section 80-IA issue, the reasons were also found erroneous: the relevant enterprise was the container terminal undertaking owned by the Indian assessee, and the Revenue had overlooked the assessee's own development activity and installation of terminal equipment. The reopening notice and consequential orders were quashed.
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