ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
The HC dismissed the writ petition challenging the CBI Court's refusal to discharge the petitioners for diverting duty-free imports and fabricating export documents, holding the petition non-maintainable. The court found petitioners knowingly sought relief barred by Section 19(3)(c) of the Prevention of Corruption Act and cannot circumvent statutory prohibitions under Article 226 that could not be obtained under Sections 397/401 Cr.P.C.; reliance on departmental exoneration was neither pleaded nor legally germane. Applying settled precedent, the HC refused to exercise inherent or extraordinary jurisdiction (Section 482 Cr.P.C./Article 226) to stay or quash proceedings pending before the Special Court and dismissed the petition.
The HC dismissed the writ petition challenging the CBI Court's refusal to discharge the petitioners for diverting duty-free imports and fabricating export documents, holding the petition non-maintainable. The court found petitioners knowingly sought relief barred by Section 19(3)(c) of the Prevention of Corruption Act and cannot circumvent statutory prohibitions under Article 226 that could not be obtained under Sections 397/401 Cr.P.C.; reliance on departmental exoneration was neither pleaded nor legally germane. Applying settled precedent, the HC refused to exercise inherent or extraordinary jurisdiction (Section 482 Cr.P.C./Article 226) to stay or quash proceedings pending before the Special Court and dismissed the petition.
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