Provisional attachment - likelihood of concealment, transfer or dealing with proceeds of crime Validity of provisional attachment of mortgaged properties where an interim restraint against creation of third-party rights was already operative and no recovery action for their sale had been commenced - HELD THAT: - Provisional attachment requires recorded material establishing that the proceeds of crime are likely to be concealed, transferred or otherwise dealt with so as to frustrate confiscati... ... ...

Regular bail to woman accused under PMLA - First proviso to section 45(1) PMLA - Exemption from twin conditions - Discretionary bail - General bail considerations What are the parameters for granting regular bail to a woman - accused under the PMLA? - HELD THAT: - The first proviso to section 45(1) exempts every woman accused from the statutory twin conditions, without permitting sub-classification based on education, social standing or professional status. The proviso is, however, enabling a... ... ...

Personal guarantor's insolvency resolution application - Misuse of interim moratorium to stall secured-asset enforcement Bona fides of the personal guarantor's applications for insolvency resolution filed following possession notices for enforcement of secured assets - HELD THAT: - An application by a personal guarantor is intended to initiate a structured insolvency resolution process through a repayment plan, and cannot be used as a device to obtain an interim moratorium for frustra... ... ...

Closure of CIRP where statutory withdrawal procedure is infeasible - Determination of CIRP costs - Closure of the CIRP where withdrawal u/s 12A read with Regulation 30A could not be effectuated because CIRP costs remained uncrystallised and the prescribed Form FA and bank guarantee could not be furnished HELD THAT: - Though the statutory requirements for withdrawal could not ordinarily be disregarded, all creditor claims had been settled or were subject to an accepted full and final settlemen... ... ...

Status of Director Identification Number - deactivation under section 164 - Natural justice denied - hearing before DIN deactivation Validity of showing the petitioner's DIN status as disqualified under section 164(2)(b), without notice or an opportunity of hearing and without compliance with the prescribed grounds for DIN deactivation - HELD THAT: - The website notice expressly reflected disqualification under section 164(2)(b). The authorities' assertion that the action was under se... ... ...

Post-clearance amendment of Bills of Entry for preferential tariff benefit - Retroactively issued certificate of origin under India-Japan CEPA - entitlement to benefit of the Notification No.34/2018-Customs dated 27.03.2018. Whether amendment to Bills of entries can be allowed to extend the benefit of exemption Notification if the certificate as required under the exemption notification is produced at a belated stage? - HELD THAT: - Appendix-A to Annexure-2 of the CEPA Rules permits an import... ... ...

Customs exemption for specialised petroleum-operation equipment - Construction of exemption entry by description of goods Eligibility of MEG Reclamation Plant for petroleum-operation exemption - Relevance of tariff heading in List 33 - Eligibility of a Mono Ethylene Glycol Reclamation Plant, imported for offshore and onshore petroleum operations, for exemption exemption in terms of S.No.4 of list 33 of Notification No. 50/2017-Cus dt.30.06.2017 (S.No.404), as amended or otherwise. HELD THA... ... ...

Immunity from penalty u/s 270AA - Belated filing of Form No. 68 Whether delayed furnishing of Form No. 68 defeats the assessee's claim for immunity from penalty under Section 270AA? - HELD THAT: - The delayed furnishing of Form No. 68, where the assessee had paid the due tax and interest and had sought immunity, was held to be a technical or venial procedural breach which could not by itself defeat the substantive right to immunity upon fulfilment of the conditions under section 270AA(1).... ... ...

Validity of Section 153D approval - curability of technical defects - Unexplained money - correction of applicable statutory provision - Unexplained cash found during search - Stock shortage in flour manufacturing - process loss and work-in-process Section 153D approval - technical defects - Conditional approval - Validity of approval under section 153D challenged for absence of DIN, factual inaccuracies, absence of reference to records, and allegedly conditional observations - HELD THAT: - B... ... ...

Extended jurisdiction u/s 153A - assessments for years beyond the ordinary six-year block - Income represented in the form of an asset Validity of invoking the extended period under the fourth proviso to section 153A for assessment years beyond the ordinary six-year block on the basis of loose papers recording alleged cash payments towards purchase of land - HELD THAT: - The fourth proviso to section 153A imposes conditions precedent for reopening assessment years beyond the ordinary six-year... ... ...

Reassessment - reason to believe based on AIR information - Reassessment sanction - mechanical approval - taxability of transferred agricultural land situated beyond the municipal limits Validity of reassessment initiated solely on information of sale of immovable property and sanctioned without application of mind - HELD THAT: - Information that the assessee had sold immovable property did not, by itself, provide material for a reasonable belief that the sale consideration represented escape... ... ...

Admission of additional legal grounds in appeal - Extended reassessment limitation where alleged escapement does not survive Admission of additional legal grounds in appeal - Admission of the additional ground challenging the validity of the reassessment notice - HELD THAT: - The challenge involved a question of law arising from facts already available in the assessment record, including the relevant notices. Its determination required no fresh factual enquiry and bore directly upon the asses... ... ...

Deduction u/s 80P - claim in reassessment return - Interest on idle funds deposited with banks - deduction u/s 80P(2)(a)(i) Deduction u/s 80P - claim in reassessment return - Entitlement to deduction u/s 80P where the claim was made in a return furnished in response to a notice under section 148 and accepted as valid in assessment - HELD THAT: - For the relevant assessment year, section 80AC did not extend to deduction under section 80P, and the sixth proviso to section 139(1) neither covered... ... ...

Adjustment in return processing without prior notice - Rectification of charitable accumulation claim for inadvertent return-form error Adjustment to the charitable accumulation claim in return processing, and rejection of rectification despite a revised audit report correcting an inadvertent error in the return for - HELD THAT: - The return-processing proceedings were vitiated by non-compliance with the first proviso to section 143(1A), as no opportunity was afforded before making the adjust... ... ...

Dismissal of appeal for non-prosecution - Condonation of delay due to defective communication of appellate order Dismissal of appeal for non-prosecution - Reasoned appellate order - Dismissal of the assessee's appeals against penalty and assessment orders solely for non-prosecution without adjudicating the grounds raised - HELD THAT: - Even where an assessee does not participate despite notice, the appellate proceedings may be decided ex parte only on the material on record; the appellate... ... ...

Consequential assessment founded on quashed revisional order - Survival of an assessment framed pursuant to a revisional order that was subsequently quashed for jurisdictional defect HELD THAT: - The jurisdiction assumed for the consequential assessment was wholly founded on the revisional order. Since that order had been quashed in the assessee's own case for the same assessment year and the original assessment stood restored, the consequential assessment had no independent legal existen... ... ...

Validity of Reassessment - non-service of the recorded reasons and notice under section 143(2). HELD THAT: - Communication of the recorded reasons for reopening and supply of their copy to the assessee were mandatory. Though the Assessing Officer claimed to have sent the reasons and statutory notices by speed post, they were returned unserved. The departmental record also contained available addresses of the assessee, and service by affixture had been effected at an address in another asse... ... ...

Concealment penalty u/s 271(1)(c) on debatable issue - Deletion of penalty consequent upon deletion of quantum addition Levy of concealment penalty in respect of estimated interest income from the alleged foreign bank account after deletion of the corresponding quantum addition - HELD THAT: - The corresponding quantum addition had been deleted by the first appellate authority. Further, the Revenue stated that its appeal against that deletion was pending, without placing its status on record. ... ... ...

Limitation for reassessment notice for AY 2015-16 - Mandatory notice u/s 143(2) in reassessment - Approval of specified authority for reassessment beyond three years Limitation for reassessment notice for AY 2015-16 - Validity of reassessment notice issued for AY 2015-16 after expiry of the applicable limitation period - HELD THAT: - For AY 2015-16, notices issued on or after 1 April 2021 were required to be dropped, as the extended period did not preserve the power to issue such notice. The ... ... ...

Assessment initiated against a non-searched person under Section 153C - Satisfaction notes were recorded after completion of the searched person's assessment and beyond the applicable statutory framework HELD THAT: - The Tribunal accepted the assessee's contention that, having regard to the timing of the satisfaction notes and the completion of assessment in the searched person's case, jurisdiction under section 153C could not be assumed. The delay in assumption of such jurisdicti... ... ...