Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
The MPID Act was held to have overriding effect in a dispute over seized funds linked to investor claims, and the Special Court was found competent to decide release of the money despite seizure under the Income-tax Act and objections based on the PMLA. The Court relied on the direct nexus between the funds and investors' claims, and on the purpose of the MPID Act as protective depositor legislation that cannot be displaced by enactments operating in a different field. It also upheld release of the money to an escrow mechanism for investor restitution, noting that the settlement contemplated that course and that the release was justified on the facts. The appeal was dismissed.
The MPID Act was held to have overriding effect in a dispute over seized funds linked to investor claims, and the Special Court was found competent to decide release of the money despite seizure under the Income-tax Act and objections based on the PMLA. The Court relied on the direct nexus between the funds and investors' claims, and on the purpose of the MPID Act as protective depositor legislation that cannot be displaced by enactments operating in a different field. It also upheld release of the money to an escrow mechanism for investor restitution, noting that the settlement contemplated that course and that the release was justified on the facts. The appeal was dismissed.
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