Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The AT allowed the appeal, holding the impugned monetary penalty order violated principles of natural justice for failure to effect valid service on the appellant. The tribunal found prima facie evidence that a third party (the employer) operated bank and demat accounts and facilitated accommodation entries and manipulative trades, but concluded the appellant was not afforded an opportunity to be heard. The AT therefore set aside the impugned order and remitted the matter to the Regulator with a direction to provide the appellant a fresh, lawful opportunity of hearing before passing any fresh adjudicatory order under the PFUTP Regulations.
The AT allowed the appeal, holding the impugned monetary penalty order violated principles of natural justice for failure to effect valid service on the appellant. The tribunal found prima facie evidence that a third party (the employer) operated bank and demat accounts and facilitated accommodation entries and manipulative trades, but concluded the appellant was not afforded an opportunity to be heard. The AT therefore set aside the impugned order and remitted the matter to the Regulator with a direction to provide the appellant a fresh, lawful opportunity of hearing before passing any fresh adjudicatory order under the PFUTP Regulations.
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