Finance judiciary-2

PMLA cases are totally independent of base offences: HC

Babulal Verma Vs Enforcement Directorate (Bombay High Court)01/01/1970

Babulal Verma Vs Enforcement Directorate (Bombay High Court) For initiation/registration of a crime under the PMLA, the only necessity is registration of a Predicate/Scheduled Offence as prescribed in various Paragraphs of the Schedule appended to the Act and nothing more than it. In other words, for initiating or setting the criminal law...

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SC waives compound interest on loans under moratorium due to COVID

Small Scale Industrial Manufactures Association (Regd.) Vs Union of India and others (Supreme Court of India)01/01/1970

Small Scale Industrial Manufactures Association (Regd.) Vs Union of India and others (Supreme Court) As the charging of penal interest/interest on interest/compound interest during the moratorium period is concerned, it stands absolutely on a different footing. At this stage, it is required to be noted that in fact the Central Government ...

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Section 138 NI Act Demand Notice need not disclose nature of Transaction

K. Basheer Vs C.K.Usman Koya (High Court Kerala)01/01/1970

K. Basheer Vs C.K. Usman Koya (High Court Kerala) It is also to be noted in this context that the offence u/s.138 of the Act is an offence which would be attracted on the ingredients above referred being satisfied. The statute also provides a presumption in favour of the holder which cannot be rendered otiose. […]...

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HC grants bail to accused arrested by ED under PMLA

Sai Chandrasekhar Vs Directorate of Enforcement (Delhi High Court)01/01/1970

Assesssee was admitted to bail linked to bank loan fraud arrested by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002 (PMLA) on his furnishing personal bond in the sum of Rs. 1,00,000/- with one surety of the like amount to the satisfaction of Trial Court as  it was not the case of the prosecution that the a...

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In appropriate cases Pre-deposit of 50% of decretal amount before DRAT can be reduced

Kotak Mahindra Bank Pvt. Limited Vs Ambuj A. Kasliwal & Ors (Supreme Court India)01/01/1970

Kotak Mahindra Bank Pvt. Limited Vs Ambuj A. Kasliwal & Ors (Supreme Court) The extracted portion indicates that the High Court has proceeded at a tangent while adverting to the aspect of recovery made towards the loan amount from the land acquisition compensation payable to respondent No.3. The conclusion appears to be that the recei...

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HC set aside Criminal Case related to setting up of Bitcoin ATM

B V Harish Vs State of Karnataka (Karnataka High  Court)01/01/1970

B V Harish Vs State of Karnataka (Karnataka High  Court) In this case Karnataka High Court quashed and set aside a criminal case registered against founders of Bitcoin company, Unocoin for setting up a Bitcoin ATM in Bengaluru in 2018 as  the case has been registered against the petitioners based on the Circular dated 06.04.2018 [&helli...

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HC refuses anticipatory Bail in ‘Bitcoin’ Fraud Case

Rupesh Kumar Singh Vs The State of Maharashtra (Bombay High Court)01/01/1970

If it is proved by the applicant accused that his health condition is not good then I do not intend to arrest the applicant accused subject to his cooperation in investigation on following points - i)  If the applicant accused is ready to share all the credential of crypto wallet and relevant information. ii)  If the applicant acc...

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Mere Possession or Recovery of Currency Notes Not Sufficient to prove Gratification

N. Vijayakumar Vs State of Tamil Nadu (Supreme Court)01/01/1970

Absence of proof of demand for illegal gratification and mere possession or recovery of currency notes is not sufficient to constitute such offence. In the said judgments it is also held that even the presumption under Section 20 of the Act can be drawn only after demand for and acceptance of illegal gratification is proved....

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HC without ordering reinvestigation directed EOW to look afresh into selected issues

CD Pharma India Private Limited Vs State of NCT of Delhi & Ors. (Delhi High Court)01/01/1970

CD Pharma India Private Limited Vs State of NCT of Delhi & Ors. (Delhi High Court) Conclusion: HC without ordering reinvestigation directed senior officer of EOW of the level of Special Commissioner, not earlier associated with investigation, look into afresh a) accused Claudio was never summoned; b) case files having been shown to a ...

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Mortgage of secured creditor gets prior charge over charge for tax/VAT dues

State Bank of India Vs State of Maharashtra (Bombay High Court)01/01/1970

State Bank of India Vs State of Maharashtra (Bombay High Court) In our considered view the facts in the case at hand being similar to the facts in the case of ASREC (India) Limited (Supra) that decision would squarely be applicable to the facts of this case that if any Central statute creates priority of […]...

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