https://www.taxtmi.com/caselaws?id=461281 The Securities Appellate Tribunal at Mumbai held that no separate notice of demand is required under Section 28A of the SEBI Act read with Section 220 of the Income Tax Act before issuing a recovery certificate. The Tribunal ruled that the penalty order directing payment within 45 days constitutes a deemed notice of demand, eliminating the need for formal separate notice. The SC affirmed this position in a related appeal. Additionally, the Tribunal rejected contentions that interest was waived when penalty was reduced or that interest cannot be imposed retrospectively, holding that interest is chargeable from the date the penalty became due under applicable provisions. en-us Fri, 12 Apr 2019 00:00:00 +0530 Wed, 26 Mar 2025 15:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461281 The Securities Appellate Tribunal at Mumbai held that no separate notice of demand is required under Section 28A of the SEBI Act read with Section 220 of the Income Tax Act before issuing a recovery certificate. The Tribunal ruled that the penalty order directing payment within 45 days constitutes a deemed notice of demand, eliminating the need for formal separate notice. The SC affirmed this position in a related appeal. Additionally, the Tribunal rejected contentions that interest was waived when penalty was reduced or that interest cannot be imposed retrospectively, holding that interest is chargeable from the date the penalty became due under applicable provisions. Case-Laws SEBI Fri, 12 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461281