High Court Remands Black Money Act Case for Reconsideration Due to Lack of Due Diligence in Section 10 Proceedings.

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....Proceedings initiated u/s 10 of Black Money Act - additions by treating the petitioner as a beneficial owner of Company - Proceedings under BM Act entails serious civil and criminal consequences. The two transactions noted above, show that there is no proper application of mind both at the stage of sending the information by the Income Tax Department and by the Authorities under BM Act before issuing the notice under challenge. - Matter restored back - HC....