Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Section 129(3) was held to be directory as to the seven-day timelines for issuing notice and passing the penalty order, because the statute uses procedural deadlines to secure expedition but does not make delay fatal to jurisdiction or validity. The Court rejected the view that non-compliance automatically renders detention proceedings time-barred, and found no basis to interfere on limitation where the notice was issued within seven days and the penalty order followed on the eighth day, amounting to substantial compliance. The petitioner, being a registered dealer when the transaction began, was treated as the bona fide owner and was entitled to release of the detained goods and vehicle on deposit, under protest, of an amount equal to the penalty, with liberty to challenge the penalty order separately.
Section 129(3) was held to be directory as to the seven-day timelines for issuing notice and passing the penalty order, because the statute uses procedural deadlines to secure expedition but does not make delay fatal to jurisdiction or validity. The Court rejected the view that non-compliance automatically renders detention proceedings time-barred, and found no basis to interfere on limitation where the notice was issued within seven days and the penalty order followed on the eighth day, amounting to substantial compliance. The petitioner, being a registered dealer when the transaction began, was treated as the bona fide owner and was entitled to release of the detained goods and vehicle on deposit, under protest, of an amount equal to the penalty, with liberty to challenge the penalty order separately.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
