Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
The dominant issue was whether the show-cause notices alleging insider trading were without jurisdiction and violative of natural justice. Interpreting the statutory scheme for appointment/delegation of adjudicatory functions, and applying the legislative intent recognised in Vijay Karia, the court held that only an officer of the rank of CGM or above could validly initiate such action; a DGM lacked competence, making the notices ultra vires and amenable to writ interference despite the usual restraint against entertaining challenges to show-cause notices. The notices were also found vitiated by pre-determination of guilt and non-supply of relied-upon investigation material, breaching fairness and natural justice; consequently, the notices were quashed. - HC
The dominant issue was whether the show-cause notices alleging insider trading were without jurisdiction and violative of natural justice. Interpreting the statutory scheme for appointment/delegation of adjudicatory functions, and applying the legislative intent recognised in Vijay Karia, the court held that only an officer of the rank of CGM or above could validly initiate such action; a DGM lacked competence, making the notices ultra vires and amenable to writ interference despite the usual restraint against entertaining challenges to show-cause notices. The notices were also found vitiated by pre-determination of guilt and non-supply of relied-upon investigation material, breaching fairness and natural justice; consequently, the notices were quashed. - HC
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