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...
Penalties for alleged violations of cash loan and repayment restrictions were treated as consequential to the quantum assessments in which the underlying findings were recorded. Once the co-ordinate Bench had quashed the assessee's quantum assessments, the foundation for the penalty orders disappeared, and the penalties had no independent existence to survive. The Tribunal therefore deleted all the penalties for the years in appeal and rejected the request to keep the matters pending, while leaving the Department free to seek revival if it later succeeded in the quantum proceedings.
Penalties for alleged violations of cash loan and repayment restrictions were treated as consequential to the quantum assessments in which the underlying findings were recorded. Once the co-ordinate Bench had quashed the assessee's quantum assessments, the foundation for the penalty orders disappeared, and the penalties had no independent existence to survive. The Tribunal therefore deleted all the penalties for the years in appeal and rejected the request to keep the matters pending, while leaving the Department free to seek revival if it later succeeded in the quantum proceedings.
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