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...
Dishonour of cheque prosecutions require direct involvement by individual officers to impose vicarious liability; independent and non executive directors who lack executive control and pecuniary interest are not in charge of company affairs and cannot be held liable absent specific nexus to the financial transactions, and summons against such directors were quashed. By contrast, a chief financial officer is part of key managerial personnel with primary responsibility for accounting and financial administration; liability for negotiable instrument dishonour was maintained against the CFO and his summons upheld.
Dishonour of cheque prosecutions require direct involvement by individual officers to impose vicarious liability; independent and non executive directors who lack executive control and pecuniary interest are not in charge of company affairs and cannot be held liable absent specific nexus to the financial transactions, and summons against such directors were quashed. By contrast, a chief financial officer is part of key managerial personnel with primary responsibility for accounting and financial administration; liability for negotiable instrument dishonour was maintained against the CFO and his summons upheld.
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