Finance judiciary-2

Auction purchase- Stamp Duty/Registration not payable when filing copy of sale certificate

Tripower Enterprises (Private) Limited Vs Sub Registrar (Madras High Court)

Tripower Enterprises (Private) Limited Vs Sub Registrar (Madras High Court) Conclusion: Auction purchasers of immovable property need not pay registration fees or pay stamp duty when filing a copy of sale certificate under Section 89(4) of the Registration Act, 1908. Held: In pursuance of the sale notice under SARFAESI Act, the second re...

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Opportunity to file application for discharge granted to petitioner (A CA) in a criminal case

Thomas Cherian Vs CBI Thiruvananthapuram Unit (Kerala High Court)

Thomas Cherian Vs CBI Thiruvananthapuram Unit (Kerala High Court) Facts- The case relates to loan transactions conducted in the State Bank of Travancore, Main Branch, Kottayam. The substance of the allegations against the accused is that loan was sanctioned on the basis of fictitious and forged documents, pursuant to a conspiracy hatched ...

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HC dismisses Plea of assessee to quash ED Summons in Money Laundering Case

Anandrao Vithoba Adsul Vs Enforcement Directorate (Bombay High Court)

The plea by assessee to quash Enforcement Directorate summons in a money laundering case was quashed as assessee had failed to make out a case for interference for the invocation of 226 of the Constitution and 482 of Cr.P.C....

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Forwarding of documents immediately by ED to AA after order of freezing passed under PML Rules

J K Tyre And Industries Ltd Vs Directorate of Enforcement (Delhi High Court)

Since none of the other relevant material, which was the basis of the seizure under Section 17(1A) and the complaint under Section 17(4) of the PMLA were supplied to assessee, as the same were not even supplied by the ED to the AA. Thus, ED should forward a copy of the documents to the Adjudicating Authority immediately after a freezing o...

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No bail to person alleged of fraudulently inducing people to invest in Crypto Currency Chit Fund

Umesh Verma Vs State (Delhi High Court)

Grant of bail was refused as applicant did not return the amounts due to the complainants and there was a breach of trust and faith and was against the national economy and national interest, whereby a large number of innocent investors had been duped of their hard-earned money....

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Dishonour of Cheque issued as Security attracts Section 138 of N.I. Act: SC

Sripati Singh (since deceased) Through His Son Gaurav Singh Vs State of Jharkhand & Anr. (Supreme Court of India)

A cheque issued as security pursuant to a financial transaction cannot be considered as a worthless piece of paper under every circumstance. ‘Security’ in its true sense is the state of being safe and the security given for a loan is something given as a pledge of payment....

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HC Grants Bail to Person Accused of Money Laundering/Hawala Business

Lal Pabbi Vs Directorate of Enforcement (Punjab & Haryana High Court)

During investigation, it was found that the petitioner is involved in the acts of cheating and forgery in Netherlands by transferring of money of other persons through Hawala operations and earned commissions in the shape of cash....

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Loan Defaults: Anticipatory bail not granted in serious economic offence

Vuppalapati Venkata Rama Rao Vs Directorate of Enforcement and another (Telangana High Court)

Vuppalapati Venkata Rama Rao Vs Directorate of Enforcement and another (Telangana High Court) Economic offences having deep-rooted conspiracies and involving huge loss needs to be viewed seriously – case not fit to grant anticipatory bail Facts- The Punjab National Bank has alleged that the company has availed various credit facilities ...

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Banks cannot retain original documents of property for dues of another loan taken under PMMY

Manisha Rahul Brahmbhatt Vs Bank of Baroda (Gujarat High Court)

Bank could not withhold the original documents of the mortgage property in question for another dues under PMMY scheme, once assessee had repaid the loan as the financial assistance advanced by bank under PMMY Scheme was advanced without any collateral security....

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Sec 138 NI Act: Complaint comes to an end Once Accused & Complainant Enter into a Settlement Agreement: SC

Gimpex Private Limited Vs Manoj Goel (Supreme Court of India)

Gimpex Private Limited Vs Manoj Goel (Supreme Court of India) A complainant cannot pursue two parallel prosecutions for the same underlying transaction. Once a settlement agreement has been entered into by the parties, the proceedings in the original complaint cannot be sustained and a fresh cause of action accrues to the complainant unde...

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December 2021