Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
The Supreme Court held that amounts repayable after a specified period, with promised quarterly interest, fell within the wide definition of "deposit" under Section 2(c) of the MPID Act. It further held that Section 2(d) uses expansive language and includes private persons receiving such deposits, so respondent Nos. 2 to 6 were financial establishments for MPID Act purposes. Prior failure of IPC-based proceedings and the civil character of the transaction did not bar recourse under Section 3, because the MPID Act provides an independent statutory remedy operating in a distinct field. The High Court's contrary view was set aside.
The Supreme Court held that amounts repayable after a specified period, with promised quarterly interest, fell within the wide definition of "deposit" under Section 2(c) of the MPID Act. It further held that Section 2(d) uses expansive language and includes private persons receiving such deposits, so respondent Nos. 2 to 6 were financial establishments for MPID Act purposes. Prior failure of IPC-based proceedings and the civil character of the transaction did not bar recourse under Section 3, because the MPID Act provides an independent statutory remedy operating in a distinct field. The High Court's contrary view was set aside.
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