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...
Section 123's reverse evidential burden applies to seized melted or unmarked gold: once officers form a reasonable belief of smuggling, the possessor must prove lawful acquisition, and the adjudicator may examine the reasonableness of that belief and confidential intelligence. Because appellants failed to satisfactorily account for the seized gold and cash-documentary discrepancies, absence of customer records, fabricated post-seizure documents and unexplained forensic stock differences-the Tribunal found confiscation justified on the preponderance of probabilities. However, penalty proceedings under Section 112 were set aside for lack of specific sub clause identification in the show cause notice, and the penalty on a deceased appellant was quashed as personal.
Section 123's reverse evidential burden applies to seized melted or unmarked gold: once officers form a reasonable belief of smuggling, the possessor must prove lawful acquisition, and the adjudicator may examine the reasonableness of that belief and confidential intelligence. Because appellants failed to satisfactorily account for the seized gold and cash-documentary discrepancies, absence of customer records, fabricated post-seizure documents and unexplained forensic stock differences-the Tribunal found confiscation justified on the preponderance of probabilities. However, penalty proceedings under Section 112 were set aside for lack of specific sub clause identification in the show cause notice, and the penalty on a deceased appellant was quashed as personal.
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