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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AT dismissed the appeal seeking restitution and refund of trading losses allegedly caused by a technical glitch in the stock exchange trading system. The appellant, an experienced securities market participant, had executed the mandatory risk disclosure declaration under the applicable Master Circular, thereby acknowledging the inherent risks of electronic trading. AT noted SEBI's regulatory finding that the glitch was short-lived, with most gateways restored within minutes, and held that the appellant's contrary claim of a two-hour disruption required evidentiary proof. As the principal relief sought was compensatory damages of Rs. 53.13 lakhs, AT held such a tortious claim lies exclusively before a civil court of competent jurisdiction. Lacking jurisdiction to award damages, AT found the appeal devoid of merit and dismissed it.
AT dismissed the appeal seeking restitution and refund of trading losses allegedly caused by a technical glitch in the stock exchange trading system. The appellant, an experienced securities market participant, had executed the mandatory risk disclosure declaration under the applicable Master Circular, thereby acknowledging the inherent risks of electronic trading. AT noted SEBI's regulatory finding that the glitch was short-lived, with most gateways restored within minutes, and held that the appellant's contrary claim of a two-hour disruption required evidentiary proof. As the principal relief sought was compensatory damages of Rs. 53.13 lakhs, AT held such a tortious claim lies exclusively before a civil court of competent jurisdiction. Lacking jurisdiction to award damages, AT found the appeal devoid of merit and dismissed it.
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