Penalty on exchange vacated for lack of evidence that exchange authorized subsidiaries' investments; Regulations 43(1) 2012 and 38(2) 2018 inapplicabl...
Petitioner not an eligible assessee under s.144C(15)(b); draft and final assessments under s.144C(1)/s.143(3)/s.144B quashed and penalty show-cause no...
The HC allowed the petitions, holding the appeals were instituted within the extended limitation and therefore not time-barred. The court set aside the impugned orders and restored the petitioners' appeals to the appellate authority for fresh adjudication on merits in accordance with law. The HC relied on a comparable Division Bench decision of Patna HC which observed that the notification relied upon predated the purported cut-off, undermining any rationale for denying filing on the ground of limitation. Consequently, the petitions were allowed and the matter remitted for reconsideration by the appellate authority.
The HC allowed the petitions, holding the appeals were instituted within the extended limitation and therefore not time-barred. The court set aside the impugned orders and restored the petitioners' appeals to the appellate authority for fresh adjudication on merits in accordance with law. The HC relied on a comparable Division Bench decision of Patna HC which observed that the notification relied upon predated the purported cut-off, undermining any rationale for denying filing on the ground of limitation. Consequently, the petitions were allowed and the matter remitted for reconsideration by the appellate authority.
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