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...
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Round tripping via two wholly owned overseas subsidiaries was held to contravene the prohibition on unauthorised foreign exchange transactions where subsidiaries were used to obtain foreign borrowings and reinvest in Indian group companies rather than to carry on bona fide overseas business; the statutory outward investment regime permits overseas JV/WOS only where bona fide activity exists and Regulation 7 safeguards for financial service entities were circumvented, so the transactions breached the applicable FEMA transfer/issue regulations. The adjudicating authority's reliance on RBI observations was upheld as accompanied by independent analysis, and penalties were sustained.
Round tripping via two wholly owned overseas subsidiaries was held to contravene the prohibition on unauthorised foreign exchange transactions where subsidiaries were used to obtain foreign borrowings and reinvest in Indian group companies rather than to carry on bona fide overseas business; the statutory outward investment regime permits overseas JV/WOS only where bona fide activity exists and Regulation 7 safeguards for financial service entities were circumvented, so the transactions breached the applicable FEMA transfer/issue regulations. The adjudicating authority's reliance on RBI observations was upheld as accompanied by independent analysis, and penalties were sustained.
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