Time Relevance of Expense: commission deductible when incurred; restructuring transfers, lease obligations upheld; unenforceable sale agreement bars l...
Abuse of dominant position allegations against an exchange found not prima facie; regulator reliance on sectoral expertise upheld and no investigation...
Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
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Dispute concerns retroactive effect of an amendment to Explanation 4 to Section 28 relating to time limit for adjudication of show cause notices and consequences for failure to adjudicate. The tribunal applied the principle of retroactivity as expounded by the Punjab & Haryana HC and affirmed by the SC, holding that show cause notices issued before 29.03.2018 were to be treated as issued on 29.03.2018 for limitation purposes, and therefore notices adjudicated after one year from that date are time-barred; consequence: impugned show cause notices and adjudication orders vacated. Secondary issues referenced include recovery of duties, penalty and confiscation for misdeclaration of origin and admissibility of electronic records.
Dispute concerns retroactive effect of an amendment to Explanation 4 to Section 28 relating to time limit for adjudication of show cause notices and consequences for failure to adjudicate. The tribunal applied the principle of retroactivity as expounded by the Punjab & Haryana HC and affirmed by the SC, holding that show cause notices issued before 29.03.2018 were to be treated as issued on 29.03.2018 for limitation purposes, and therefore notices adjudicated after one year from that date are time-barred; consequence: impugned show cause notices and adjudication orders vacated. Secondary issues referenced include recovery of duties, penalty and confiscation for misdeclaration of origin and admissibility of electronic records.
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