Agricultural land classification requires cumulative factual indicators, while industrial-purpose land and absent agricultural use defeat reinvestment...
Composite residential flat exemption upheld where supplementary agreement merged adjoining units and additional evidence supported the taxpayer's inve...
Urgent interim relief exception permits commercial suit without pre-institution mediation where immediate disclosure and asset protection are genuinel...
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The High Court dismissed the petition challenging the show cause notice issued by SEBI. The key findings were: the arguments of delay, laches, review, revisit, double jeopardy, and res judicata were not accepted to quash the notice at this stage, allowing petitioners to raise such defenses before SEBI. The Court found no non-application of mind by SEBI in issuing the notice based on the available material. SEBI agreed to provide certain information related to an earlier complaint within two weeks. Petitioners were granted four weeks after receiving that information to file their response to the show cause notice. The Court declined to interfere further, stating that fairness is a two-way process, and prolonging adjudication unnecessarily should be avoided. The extraordinary jurisdiction was not meant for stalling proceedings at every stage.
The High Court dismissed the petition challenging the show cause notice issued by SEBI. The key findings were: the arguments of delay, laches, review, revisit, double jeopardy, and res judicata were not accepted to quash the notice at this stage, allowing petitioners to raise such defenses before SEBI. The Court found no non-application of mind by SEBI in issuing the notice based on the available material. SEBI agreed to provide certain information related to an earlier complaint within two weeks. Petitioners were granted four weeks after receiving that information to file their response to the show cause notice. The Court declined to interfere further, stating that fairness is a two-way process, and prolonging adjudication unnecessarily should be avoided. The extraordinary jurisdiction was not meant for stalling proceedings at every stage.
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