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 HC ruled that the customs authorities' continued provisional attachment of the Petitioner's bank accounts was without legal authority. Despite the Petitioner providing all requested documentation (purchase registers, ledgers, bank accounts) in response to summons under Section 108 of the Customs Act, Respondent No.2/5 persisted with unwarranted investigation. The court determined that the Petitioner merely sold goods imported by another entity (M/s. S.T. Electricals) to M/s. Mayur Enterprise, and the customs officer exceeded jurisdiction by insisting on the proprietor's personal appearance without justification. The court concluded that further investigation against the Petitioner served no purpose and directed the release of the bank accounts. Petition allowed.
The HC ruled that the customs authorities' continued provisional attachment of the Petitioner's bank accounts was without legal authority. Despite the Petitioner providing all requested documentation (purchase registers, ledgers, bank accounts) in response to summons under Section 108 of the Customs Act, Respondent No.2/5 persisted with unwarranted investigation. The court determined that the Petitioner merely sold goods imported by another entity (M/s. S.T. Electricals) to M/s. Mayur Enterprise, and the customs officer exceeded jurisdiction by insisting on the proprietor's personal appearance without justification. The court concluded that further investigation against the Petitioner served no purpose and directed the release of the bank accounts. Petition allowed.
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