Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Imported boric acid cleared for non-insecticidal use was alleged to be improperly cleared for want of an import permit/registration, warranting confiscation, redemption fine, and penalty under s.112(a). Since the consignments were released pursuant to binding directions of the HC during the relevant period, and the importer furnished end-use evidence showing consumption only for industrial purposes as required, no act or omission attracting s.112(a) was established; further, once goods were not available, confiscation and redemption fine could not be sustained, and the show-cause route adopted was inconsistent with provisional assessment under s.18. Penalty (and consequential fine) was set aside, and the contrary revenue challenge failed. - CESTAT
Imported boric acid cleared for non-insecticidal use was alleged to be improperly cleared for want of an import permit/registration, warranting confiscation, redemption fine, and penalty under s.112(a). Since the consignments were released pursuant to binding directions of the HC during the relevant period, and the importer furnished end-use evidence showing consumption only for industrial purposes as required, no act or omission attracting s.112(a) was established; further, once goods were not available, confiscation and redemption fine could not be sustained, and the show-cause route adopted was inconsistent with provisional assessment under s.18. Penalty (and consequential fine) was set aside, and the contrary revenue challenge failed. - CESTAT
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