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...
Investments in fixed deposit receipts under the statutory investment mode do not constitute an application of income for charitable purposes; the Special Bench held that Section 11(5) prescribes permissible investment modes distinct from application under Section 11(1), and therefore FDRs cannot be treated as charitable application. Reopening assessments were validly initiated because the trust failed to furnish the mandatory intimation (Form No.10), constituting non-disclosure of material facts, so reassessments under reopening provisions were not a mere change of opinion. Consequential claims for set-off of alleged earlier excess application were rejected as the issue was finally decided against the assessee.
Investments in fixed deposit receipts under the statutory investment mode do not constitute an application of income for charitable purposes; the Special Bench held that Section 11(5) prescribes permissible investment modes distinct from application under Section 11(1), and therefore FDRs cannot be treated as charitable application. Reopening assessments were validly initiated because the trust failed to furnish the mandatory intimation (Form No.10), constituting non-disclosure of material facts, so reassessments under reopening provisions were not a mere change of opinion. Consequential claims for set-off of alleged earlier excess application were rejected as the issue was finally decided against the assessee.
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