Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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The AT partly allowed the appeal, upholding the findings of violations relating to absence of NISM certification of a director, delay in processing duplicate share certificates, and delay in transmission of securities, constituting contraventions of applicable SEBI regulations and circulars, thereby attracting liability under s.15HB of the SEBI Act. However, taking into account that the concerned director was 75 years old, plausibly not technologically adept, and that the other procedural lapses occurred during the Covid period, the AT held that the original monetary penalty was excessive. In exercise of appellate discretion, the AT reduced the penalty to Rs. 2,00,000, holding this sufficient to meet the ends of justice. All other directions and findings in the impugned order were affirmed. No order as to costs.
The AT partly allowed the appeal, upholding the findings of violations relating to absence of NISM certification of a director, delay in processing duplicate share certificates, and delay in transmission of securities, constituting contraventions of applicable SEBI regulations and circulars, thereby attracting liability under s.15HB of the SEBI Act. However, taking into account that the concerned director was 75 years old, plausibly not technologically adept, and that the other procedural lapses occurred during the Covid period, the AT held that the original monetary penalty was excessive. In exercise of appellate discretion, the AT reduced the penalty to Rs. 2,00,000, holding this sufficient to meet the ends of justice. All other directions and findings in the impugned order were affirmed. No order as to costs.
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