Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The HC allowed the appeal and set aside the impugned order dated 5 Sept 2024. It held that the Central Government validly activated SFIO pursuant to a representation by the resolution professional appointed by the NCLT, and that on 2 Aug 2021 Respondent Nos. 1-2 were legitimately subject to SFIO criminal investigation under s.447 of the Companies Act, 2013, satisfying clause 6(h) of the memorandum. The HC further held that a bank need not await declaration of an account as "fraud" under the Master Directions on Frauds before issuing a Look Out Circular; a bank may issue an LOC to preserve criminal prosecution, and there were no grounds to restrain Bank of Baroda.
The HC allowed the appeal and set aside the impugned order dated 5 Sept 2024. It held that the Central Government validly activated SFIO pursuant to a representation by the resolution professional appointed by the NCLT, and that on 2 Aug 2021 Respondent Nos. 1-2 were legitimately subject to SFIO criminal investigation under s.447 of the Companies Act, 2013, satisfying clause 6(h) of the memorandum. The HC further held that a bank need not await declaration of an account as "fraud" under the Master Directions on Frauds before issuing a Look Out Circular; a bank may issue an LOC to preserve criminal prosecution, and there were no grounds to restrain Bank of Baroda.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
