Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
The text addresses diversion of funds raised by preferential allotment and concludes that post-facto shareholders' ratification cannot validate prior diversion or negate breaches of disclosure and market integrity norms. It states that diverting proceeds to loans and share investments, particularly when done immediately after receipt, constitutes fraud and unfair trade practice under PFUTP Regulations and related securities disclosure obligations, attracting liability. It further explains that interim protective directions and subsequent adjudicatory penalty proceedings can coexist and that an Adjudicating Officer may impose monetary penalties notwithstanding earlier protective orders; the AO's penalty order was accordingly restored.
The text addresses diversion of funds raised by preferential allotment and concludes that post-facto shareholders' ratification cannot validate prior diversion or negate breaches of disclosure and market integrity norms. It states that diverting proceeds to loans and share investments, particularly when done immediately after receipt, constitutes fraud and unfair trade practice under PFUTP Regulations and related securities disclosure obligations, attracting liability. It further explains that interim protective directions and subsequent adjudicatory penalty proceedings can coexist and that an Adjudicating Officer may impose monetary penalties notwithstanding earlier protective orders; the AO's penalty order was accordingly restored.
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