Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The appellant sought lapse of the attachment order u/s 5(1) and (3) of the Prevention of Money Laundering Act, 2002, questioning the legality of the order issued in relation to alleged criminal conspiracy, cheating, and forgery in the Slum Rehabilitation Scheme. The Adjudicating Authority issued a Provisional Attachment Order on 18.06.2021, followed by a Show Cause Notice on 04.08.2021, with the appellant filing a reply on 16.09.2021. Pleadings were completed on 23.09.2021, and the matter was listed for final hearing. While the Adjudicating Authority is required to pass an order within 180 days to prevent the attachment from lapsing u/s 26, the Appellate Tribunal considered the extraordinary situation during the Covid-19 pandemic. Referring to the Supreme Court's decision in Prakash Corporates v. Dee Vee Projects Limited, which provided safeguards for termination of proceedings, including illustrative reference to provisions like the Arbitration Act, the Appellate Tribunal held that the exclusion period from 15.03.2020 to 20.08.2022 would apply. Excluding this period, the remaining period in this case was merely 26 days, less than the prescribed 180.
The appellant sought lapse of the attachment order u/s 5(1) and (3) of the Prevention of Money Laundering Act, 2002, questioning the legality of the order issued in relation to alleged criminal conspiracy, cheating, and forgery in the Slum Rehabilitation Scheme. The Adjudicating Authority issued a Provisional Attachment Order on 18.06.2021, followed by a Show Cause Notice on 04.08.2021, with the appellant filing a reply on 16.09.2021. Pleadings were completed on 23.09.2021, and the matter was listed for final hearing. While the Adjudicating Authority is required to pass an order within 180 days to prevent the attachment from lapsing u/s 26, the Appellate Tribunal considered the extraordinary situation during the Covid-19 pandemic. Referring to the Supreme Court's decision in Prakash Corporates v. Dee Vee Projects Limited, which provided safeguards for termination of proceedings, including illustrative reference to provisions like the Arbitration Act, the Appellate Tribunal held that the exclusion period from 15.03.2020 to 20.08.2022 would apply. Excluding this period, the remaining period in this case was merely 26 days, less than the prescribed 180.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
