Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Section 96 IBC's interim moratorium does not apply to attachment proceedings under the MPID Act because those proceedings are not "in respect of any debt" and the record lacks a debtor-creditor relationship; the MPID regime operates as a public law civil forfeiture aimed at protecting depositors, so its attachment of mala fide transferred property is outside the moratorium and the trial court rightly refused a stay. The MPID Act, being within State List competence, is not repugnant to insolvency law here and its attachment vests property in the State, excluding such assets from the insolvency moratorium; the appeal was dismissed with costs for dilatory prosecution.
Section 96 IBC's interim moratorium does not apply to attachment proceedings under the MPID Act because those proceedings are not "in respect of any debt" and the record lacks a debtor-creditor relationship; the MPID regime operates as a public law civil forfeiture aimed at protecting depositors, so its attachment of mala fide transferred property is outside the moratorium and the trial court rightly refused a stay. The MPID Act, being within State List competence, is not repugnant to insolvency law here and its attachment vests property in the State, excluding such assets from the insolvency moratorium; the appeal was dismissed with costs for dilatory prosecution.
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