NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
The article explains that the procedural code and 'specified violation' concept in Section 12AB(4) were introduced by the Finance Act, 2022 effective 01.04.2022 and therefore cannot be applied retrospectively; the Principal Commissioner lacked jurisdiction to cancel registration under the amended provision for years before its commencement. Show cause notices and cancellation actions grounded on the post 2022 provision as applied to earlier years are non est and arbitrary, leading to quashing of retrospective cancellation and restoration of the entity's registration.
The article explains that the procedural code and 'specified violation' concept in Section 12AB(4) were introduced by the Finance Act, 2022 effective 01.04.2022 and therefore cannot be applied retrospectively; the Principal Commissioner lacked jurisdiction to cancel registration under the amended provision for years before its commencement. Show cause notices and cancellation actions grounded on the post 2022 provision as applied to earlier years are non est and arbitrary, leading to quashing of retrospective cancellation and restoration of the entity's registration.
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