Proof of default in Section 7 insolvency applications - Information utility record of default - Relevance of a precedent concerning reliance on photocopies where default was recorded with the information utility and was undisputed by the corporate debtor in a Section 7 insolvency application HELD THAT: - The requirement was for the NCLT to examine whether default was recorded in the information utility or established by other specified record or evidence. Since the financial creditor had plac... ... ...

Continuation of the provident fund inquiry during the insolvency moratorium - Moratorium on provident fund assessment and recovery proceedings - Extinguishment of pre-resolution approval provident fund claims - Immunity of corporate debtor and its assets for pre-CIRP offences Continuation of the provident fund authority's Section 7A inquiry after commencement of CIRP and during the moratorium - HELD THAT: - The moratorium prohibits proceedings against the corporate debtor that create new ... ... ...

Professional Clearing Member's obligation to verify Trading Member clients' debit and credit positions - Statutory power of stock exchange clearing committee to order restitution - Professional Clearing Member's liability for Trading Member's default Professional Clearing Member's obligation to verify Trading Member clients' debit and credit positions - Client-wise collateral visibility - Whether a PCM had a statutory duty and regulatory visibility to verify TM clients... ... ...

Forensic audit in execution proceedings - Corporate veil and dissipation of decree assets - Third-party assistance in breach of judicial orders Forensic audit in execution proceedings - Dissipation of assets represented for satisfaction of a foreign award - Disputed pledge and top-up transactions - Appointment of a forensic auditor to investigate the progressive depletion of the promoter shareholding and other assets represented as available for satisfaction of the foreign arbitral award - HE... ... ...

Contempt-undertaking to court - Interim protection of foreign money decree in execution Contempt-undertaking to court - Clarificatory statement - Whether statement made by IQuest in its counter-affidavit did not constitute an undertaking enforceable in contempt? - HELD THAT: - An undertaking must be clear, express and capable of conveying to the Court a firm conviction that the party has bound itself to act or refrain from acting in terms of Babu Ram Gupta [1979 (4) TMI 164 - SUPREME COURT] a... ... ...

Penalty u/s 114(i) on authorised courier for export of prohibited goods - Due diligence by authorised courier under Courier Regulations Penalty on an authorised courier for processing an export consignment declared as piano parts but found on customs examination to contain prohibited Red Sander Logs - HELD THAT: - The appellant had obtained and processed the documents accompanying the consignment, including the consignor's identity documents, and presented it for customs examination. As t... ... ...

EPCG duty exemption - fulfilment of export obligation Export Obligation Discharge Certificate under EPCG Scheme - Compliance with EPCG exemption conditions - Sustainability of duty demand, redemption fine and penalty for alleged non-fulfilment of EPCG notification conditions where the Export Obligation Discharge Certificate was issued subsequently and the customs bonds were cancelled. - HELD THAT: - The installation certificates established compliance with the installation requirement, while ... ... ...

Effect of omission of Rule 96(10) - interest paid on repayment of additional customs duties Whether interest paid on repayment of additional customs duties was legally leviable, and whether its refund was due after Rule 96(10) was deemed omitted from inception? - HELD THAT: - This Court in Mahindra & Mahindra Ltd. Vs. Union of India [2022 (10) TMI 212 - BOMBAY HIGH COURT] and A. R. Sulphonates Pvt. Ltd. Vs. Union of India [2025 (4) TMI 578 - BOMBAY HIGH COURT] held that there were no provisio... ... ...

Availment of preferential customs duty on High Grade Tin Ingots manufactured in Malaysia by MSC - Unincorporated treaty dispute-resolution mechanism - Customs recovery power for preferential tariff claims - Article 24 of AIFTA as a bar to customs proceedings concerning preferential duty claimed on Malaysian-origin Tin Ingots Availment of preferential customs duty on High Grade Tin Ingots manufactured in Malaysia by MSC - Unincorporated treaty dispute-resolution mechanism - Whether Article 24 ... ... ...

Extinguishment of unfiled pre-CIRP customs claims upon approval of resolution plan - Writ jurisdiction despite alternative statutory remedy Pre-CIRP customs claim - Binding effect of approved resolution plan - IBC overriding effect - Enforceability of customs duty, interest and penalty arising from a pre-CIRP import transaction where the Customs Department did not submit its claim during CIRP and the resolution plan was subsequently approved - HELD THAT: - A claim under the IBC arises from th... ... ...

Exhaustion of alternative statutory remedy in writ jurisdiction - Delay and laches in challenge to customs adjudication Exercise of writ jurisdiction to challenge confiscation of a seized gold bar and imposition of penalty, despite an available statutory appeal and prolonged inaction - HELD THAT: - Although the existence of an alternative statutory remedy does not absolutely bar writ jurisdiction, exhaustion of an efficacious statutory remedy is the governing rule. The challenge concerning se... ... ...

Unconditional release of the detained gold bars on the alleged absence of a written show-cause notice - validity of Oral show-cause notice under the Customs Act Whether unconditional release of the detained gold bars could be directed solely because no separate written show-cause notice was issued within the period contemplated by Section 110(2) of the Customs Act, 1962? - HELD THAT: - The absence of a separate written notice was not, by itself, conclusive because the statutory scheme permits... ... ...

Writ jurisdiction and efficacious alternative remedyagainst a customs confiscation order - availability of a statutory appellate remedy HELD THAT: - The existence of an efficacious statutory remedy is not an absolute bar to writ jurisdiction, which may be exercised in appropriate cases, including jurisdictional defects or breach of natural justice. However, the alleged invalidity of the statement, issuance of an oral show-cause notice, and waiver of notice and personal hearing required examin... ... ...

Unconditional release of the detained gold bars on the alleged absence of a written show-cause notice - validity of Oral show-cause notice under the Customs Act Entitlement to unconditional release of the seized gold bar on the assertion that no written show-cause notice had been issued within the statutory period - HELD THAT: - The statutory consequence of return follows where no notice under Section 124(a) is issued within the period stipulated by Section 110(2). However, the first proviso ... ... ...

Unconditional release of seized gold pending customs adjudication - Disputed oral show cause notice - Entitlement to unconditional release of seized gold where the Department asserted issuance of an oral show cause notice and the petitioner disputed its validity and the voluntariness of the statement recorded under the Customs Act HELD THAT: - The Department's assertion that an oral show cause notice had been issued created factual questions as to the nature of the proceedings and the sta... ... ...

Statutory return of seized goods - mandatory notice period - Writ jurisdiction - disputed factual questions concerning oral show cause notice Whether unconditional release of detained gold and gold jewellery could be directed under Section 110(2) of the Customs Act, 1962, when compliance with Section 124 of that Act through an alleged oral show cause notice was factually disputed? - HELD THAT: - Failure to issue notice within the period prescribed by Section 110(2), or within a valid extensio... ... ...

Writ jurisdiction against baggage-confiscation appellate order - Efficacious statutory revision remedy - Maintainability of a writ petition against an appellate order directing absolute confiscation of a gold bar imported as baggage when a statutory revision remedy was available HELD THAT: - The power under Article 226 is discretionary and ordinarily ought not to be exercised where an efficacious statutory remedy is available, subject to recognised exceptions. The asserted failure to issue a ... ... ...

Summary order. The review petition was dismissed as no error apparent on the face of the record was found.... ... ...

Undisclosed foreign asset - explained loan credits - Foreign company commission income - corresponding expenditure - Penalty for alleged undisclosed foreign income Undisclosed foreign asset - explained loan credits - Foreign bank-account credits - Taxability of loan credits in the foreign bank accounts of the foreign companies as undisclosed foreign income or assets of the assessee - HELD THAT: - The additional evidence, admitted and remanded for verification, established the financial capaci... ... ...

Ad hoc disallowance of business expenditure - Deduction of provision for bad and doubtful debts - Addition based on uncommunicated intimation u/s 143(1) Ad hoc disallowance of business expenditure - Verification of expenditure evidence - Ad hoc disallowances of travelling and conveyance, advertisement and sales promotion, and miscellaneous promotion expenditure on account of incomplete supporting evidence - HELD THAT: - The assessee had furnished supporting material only on a sample basis and... ... ...