Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
Writ relief against a private cryptocurrency exchange was refused because the dispute was found to be essentially private and commercial, even though many investors were said to be affected. The exchange entities were held not to be State under Article 12, as they were neither created, financed nor controlled by the State, and taxation of virtual digital assets did not change that position. The Court also declined regulatory mandamus and investigation by CBI or SIT. Claims for release of funds and compensation involved disputed facts, proof of loss and quantification, so they were left to civil, consumer or other competent fora. The appeal was dismissed.
Writ relief against a private cryptocurrency exchange was refused because the dispute was found to be essentially private and commercial, even though many investors were said to be affected. The exchange entities were held not to be State under Article 12, as they were neither created, financed nor controlled by the State, and taxation of virtual digital assets did not change that position. The Court also declined regulatory mandamus and investigation by CBI or SIT. Claims for release of funds and compensation involved disputed facts, proof of loss and quantification, so they were left to civil, consumer or other competent fora. The appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
