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 revised compounding Guidelines dated 17.10.2024 could be applied to compute compounding fee for an offence under s.279(2) on a compounding application filed on 05.03.2021 pursuant to prior judicial directions. The Explanation to s.279(6), though retrospective from 01.04.1962, only clarifies the Board's power to issue binding instructions and operates as a proviso making the Commissioner's power subject to then-applicable Board instructions; it does not authorise applying later guidelines to an already-pending compounding request, unless a fresh independent application is made under the new guidelines. Consequently, determination of compounding charges under the 17.10.2024 Guidelines was held unsustainable. - HC
The dominant issue was whether revised compounding Guidelines dated 17.10.2024 could be applied to compute compounding fee for an offence under s.279(2) on a compounding application filed on 05.03.2021 pursuant to prior judicial directions. The Explanation to s.279(6), though retrospective from 01.04.1962, only clarifies the Board's power to issue binding instructions and operates as a proviso making the Commissioner's power subject to then-applicable Board instructions; it does not authorise applying later guidelines to an already-pending compounding request, unless a fresh independent application is made under the new guidelines. Consequently, determination of compounding charges under the 17.10.2024 Guidelines was held unsustainable. - HC
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