Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
The Tribunal upheld provisional attachment of property under Section 24(4)(b)(i), holding that the provision permits protective attachment with prior approval and does not require an additional pre-attachment show-cause notice where no prior attachment exists under Section 24(3). It also accepted the department's case that routed funds, accommodation entries, bogus security premium, capital, loans and income heads disclosed a benami arrangement through layered transactions, and rejected the view that connected beneficial ownership defeated the charge. Acquittal or discharge in criminal proceedings was held not determinative in benami proceedings, which apply a different standard. The impugned adjudication was set aside as perverse and contradictory, and the appeals were allowed.
The Tribunal upheld provisional attachment of property under Section 24(4)(b)(i), holding that the provision permits protective attachment with prior approval and does not require an additional pre-attachment show-cause notice where no prior attachment exists under Section 24(3). It also accepted the department's case that routed funds, accommodation entries, bogus security premium, capital, loans and income heads disclosed a benami arrangement through layered transactions, and rejected the view that connected beneficial ownership defeated the charge. Acquittal or discharge in criminal proceedings was held not determinative in benami proceedings, which apply a different standard. The impugned adjudication was set aside as perverse and contradictory, and the appeals were allowed.
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