Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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A quasi-judicial tribunal must give a reasoned, speaking order that links the controversy to its conclusion. A summary rejection of a stay application in a smuggling matter was held unsustainable because it did not address the Revenue's case on disputed procurement documents or the statutory presumption and reversal of burden under Section 123 of the Customs Act for foreign-origin gold. The cryptic disposal was treated as non-application of mind. The impugned order was set aside and the matter remanded for fresh consideration of the stay application and appeal after hearing both sides, with interim protection continuing in favour of the Department until a fresh decision.
A quasi-judicial tribunal must give a reasoned, speaking order that links the controversy to its conclusion. A summary rejection of a stay application in a smuggling matter was held unsustainable because it did not address the Revenue's case on disputed procurement documents or the statutory presumption and reversal of burden under Section 123 of the Customs Act for foreign-origin gold. The cryptic disposal was treated as non-application of mind. The impugned order was set aside and the matter remanded for fresh consideration of the stay application and appeal after hearing both sides, with interim protection continuing in favour of the Department until a fresh decision.
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