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...
Revision under section 263 was held unsustainable where the Assessing Officer had already initiated penalty proceedings, because the revisional authority could not invoke section 263 merely to substitute the penalty provision under which those proceedings were initiated. The Tribunal found that, once penalty action had been commenced, the assessment order could not be treated as erroneous and prejudicial to the interests of the Revenue on this ground alone. The foundation of the revisional order was therefore legally untenable, and the assessee succeeded.
Revision under section 263 was held unsustainable where the Assessing Officer had already initiated penalty proceedings, because the revisional authority could not invoke section 263 merely to substitute the penalty provision under which those proceedings were initiated. The Tribunal found that, once penalty action had been commenced, the assessment order could not be treated as erroneous and prejudicial to the interests of the Revenue on this ground alone. The foundation of the revisional order was therefore legally untenable, and the assessee succeeded.
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