Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
The note addresses whether limitation for passing a final assessment under section 144C(13) must be measured solely by section 144C or with reference to section 153; applying the reasoning of prior precedents it concludes the limitation period is to be determined read with section 153, making the final assessment order u/s 143(3) r.w.s.144C(13) for AY 2020-21 time barred. The operative effect is quashing of that final assessment order. Parties are granted liberty to revive the appeal on merits if the Supreme Court Larger Bench alters the law on this limitation issue.
The note addresses whether limitation for passing a final assessment under section 144C(13) must be measured solely by section 144C or with reference to section 153; applying the reasoning of prior precedents it concludes the limitation period is to be determined read with section 153, making the final assessment order u/s 143(3) r.w.s.144C(13) for AY 2020-21 time barred. The operative effect is quashing of that final assessment order. Parties are granted liberty to revive the appeal on merits if the Supreme Court Larger Bench alters the law on this limitation issue.
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