Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
The High Court dismissed the appeal filed by the Customs broker challenging the revocation of license and forfeiture of security deposit by the Customs authorities. The court held that the power to suspend and revoke the license are distinct under the Customs Brokers Licensing Regulations, 2018. The 90-day timeline for initiating revocation proceedings applies from the date of the offence report, not the preliminary enquiry for suspension. Although the revocation notice was issued beyond 90 days from the preliminary enquiry, it was within the permissible period from the offence report date. The broker's consistent violations of verifying exporter details under Regulation 10(n) justified the revocation, despite the Tribunal's order being improper. No substantial question of law arose for consideration.
The High Court dismissed the appeal filed by the Customs broker challenging the revocation of license and forfeiture of security deposit by the Customs authorities. The court held that the power to suspend and revoke the license are distinct under the Customs Brokers Licensing Regulations, 2018. The 90-day timeline for initiating revocation proceedings applies from the date of the offence report, not the preliminary enquiry for suspension. Although the revocation notice was issued beyond 90 days from the preliminary enquiry, it was within the permissible period from the offence report date. The broker's consistent violations of verifying exporter details under Regulation 10(n) justified the revocation, despite the Tribunal's order being improper. No substantial question of law arose for consideration.
Note: It is a system-generated summary and is for quick reference only.