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...
Where the assessing officer assumed and exercised jurisdiction based on material seized during search, the non obstante effect of Section 153C prevents initiation of parallel reassessment proceedings under Sections 147/148; therefore reopenings under Sections 147/148 in such circumstances are invalid and must be quashed. A Revenue reliance on a High Court decision was rejected where intervening higher court proceedings left that judgment non final. The tribunal confirmed the appellate finding invalidating the reassessment and dismissed the Revenue appeal, leaving the substantive additions undecided on merits.
Where the assessing officer assumed and exercised jurisdiction based on material seized during search, the non obstante effect of Section 153C prevents initiation of parallel reassessment proceedings under Sections 147/148; therefore reopenings under Sections 147/148 in such circumstances are invalid and must be quashed. A Revenue reliance on a High Court decision was rejected where intervening higher court proceedings left that judgment non final. The tribunal confirmed the appellate finding invalidating the reassessment and dismissed the Revenue appeal, leaving the substantive additions undecided on merits.
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