Appeal allows marketing payments as deductible business expenses under Sec.37; director pay retained; R&D deductible from certificate date under Sec.3...
Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
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The HC held that the provisional attachment order under Section 5(1)(b) of the PMLA, issued on 10 Nov 2021, cannot operate beyond 180 days; even after excluding COVID-period suspensions, the 180-day limit has elapsed. A stay obtained by a different party over certain properties does not extend the statutory 180-day period as to the petitioner's claimed properties. Consequently, the provisional attachment will no longer operate qua the properties in which the petitioner claimed interest, and those attachments are declared vacated/raised. The HC further noted that the ED has not completed proceedings under Section 8(3) of the PMLA to finalize attachment. Application disposed.
The HC held that the provisional attachment order under Section 5(1)(b) of the PMLA, issued on 10 Nov 2021, cannot operate beyond 180 days; even after excluding COVID-period suspensions, the 180-day limit has elapsed. A stay obtained by a different party over certain properties does not extend the statutory 180-day period as to the petitioner's claimed properties. Consequently, the provisional attachment will no longer operate qua the properties in which the petitioner claimed interest, and those attachments are declared vacated/raised. The HC further noted that the ED has not completed proceedings under Section 8(3) of the PMLA to finalize attachment. Application disposed.
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