Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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The Punjab and Haryana High Court addressed the legal right of a Hindu Undivided Family (HUF) to challenge auction proceedings of properties owned by the HUF. The court held that the HUF had the legal standing to challenge the auction, rejecting objections raised by auction purchasers. The court found the auction proceedings null and void due to a fictitious tax demand and invoked the principle of lis pendens. It ruled that no rights were created in favor of auction purchasers who proceeded with knowledge of pending legal proceedings. The court ordered restoration of the properties to the HUF, declaring any subsequent transfers void. Income Tax Authorities were directed to refund auction proceeds with interest and pay costs to the petitioner. The court emphasized the need for a new interpretation of auction laws, citing relevant Supreme Court precedents. The judgment rendered the assessment order and interest demand null and void.
The Punjab and Haryana High Court addressed the legal right of a Hindu Undivided Family (HUF) to challenge auction proceedings of properties owned by the HUF. The court held that the HUF had the legal standing to challenge the auction, rejecting objections raised by auction purchasers. The court found the auction proceedings null and void due to a fictitious tax demand and invoked the principle of lis pendens. It ruled that no rights were created in favor of auction purchasers who proceeded with knowledge of pending legal proceedings. The court ordered restoration of the properties to the HUF, declaring any subsequent transfers void. Income Tax Authorities were directed to refund auction proceeds with interest and pay costs to the petitioner. The court emphasized the need for a new interpretation of auction laws, citing relevant Supreme Court precedents. The judgment rendered the assessment order and interest demand null and void.
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