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 initiating officer validly recorded "reasons to believe" before issuing notice under section 24(1) for provisional attachment under the benami law. It was held that the reasons were recorded in writing and duly disclosed within the show cause notice; there is no statutory requirement to separately furnish a copy of such reasons, and the notice reflected analysis of statements and bank records, so the challenge failed. On merits, receipt of demonetised cash in the appellant's bank account, followed by RTGS transfers to beneficiaries, was treated as strong evidence of a benami arrangement, and the claimed business explanation remained unsubstantiated; the appeal was dismissed. - AT
The dominant issue was whether the initiating officer validly recorded "reasons to believe" before issuing notice under section 24(1) for provisional attachment under the benami law. It was held that the reasons were recorded in writing and duly disclosed within the show cause notice; there is no statutory requirement to separately furnish a copy of such reasons, and the notice reflected analysis of statements and bank records, so the challenge failed. On merits, receipt of demonetised cash in the appellant's bank account, followed by RTGS transfers to beneficiaries, was treated as strong evidence of a benami arrangement, and the claimed business explanation remained unsubstantiated; the appeal was dismissed. - AT
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