TaxTMI 
TaxTMI 
2020 (6) TMI 646
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....: Ms. Rinku S. Valanju and Pratham Masurekar, Advs. For the Respondent : Kumar Desai, Abhiraj Arora, Vivek Shah and Pradeep Kumar ORDER JUSTICE TARUN AGARWALA, PRESIDING OFFICER - 1. We have heard Ms. Rinku Valanju along with Mr. Pratham Masurkar, Advocates for the Appellant, and Shri Kumar Desai along with Mr. Abhiraj Arora, Mr. Vivek Shah, Advocates and SEBI official Mr. Pradeep Kumar. 2. T....
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....he amount issued an email dated 13/3/2020 informing the appellant that SEBI intends to file an appeal before the Supreme Court against the order of the Tribunal and, therefore, the refund of the amount would be subject to the outcome of the appeal before the Supreme Court. The appellant was further informed that there is no specific order for refund of the amount by the Tribunal. 4. The appellant....
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....ed by the Supreme Court in the proposed appeal to be filed by SEBI. 6. The learned Counsel for the appellant contended that once the order of the AO has been set aside by the Tribunal, there was no justification for SEBI to withhold the money and that holding of the money was wholly illegal and without any authority of law. 7. On the other hand, Shri Kumar Desai, learned Counsel contended that S....
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....The fact that no direction for refund of the amount was issued by the Tribunal is immaterial. Once the order has been set aside, there is no amount to be recovered and consequently any amount so recovered has to be refunded immediately. 9. The Respondent has a right to file an appeal before the Supreme Court against the order of the Tribunal. The appeal was allowed by the Tribunal on 21/2/2020. N....