Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
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HC considered whether an existing Prohibition Order and Seizure Order could continue after remand where no confiscation proposal under Section 67(2) had been issued. The court observed no de novo orders were passed post-remand and, because notices did not propose confiscation, held that continuation of prohibition or seizure could not be sustained. Consequently the impugned Prohibition and Seizure Orders were quashed and the writ petition allowed.
HC considered whether an existing Prohibition Order and Seizure Order could continue after remand where no confiscation proposal under Section 67(2) had been issued. The court observed no de novo orders were passed post-remand and, because notices did not propose confiscation, held that continuation of prohibition or seizure could not be sustained. Consequently the impugned Prohibition and Seizure Orders were quashed and the writ petition allowed.
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