Sentence
stringlengths 1
1.99k
| Label
stringclasses 7
values | instruction
stringclasses 1
value |
|---|---|---|
v) The assets and liabilities of each of the entities having been audited by the Chartered Accountants, it is evident from the reports that in all cases liabilities exceed the assets | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
vi)The decretal amount against the Harshad Mehta Group also would exceed Rs | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
4339 crores and, thus, the assets held by the Appellants are wholly insufficient to meet the liabilities | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
vii)Furthermore, the Appellants are also unable to maintain their residential properties as the Custodian had to pay a sum of Rs | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
1.06 crores towards the maintenance of the said residential properties | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The assets of the Harshad Mehta Group are valued at Rs | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
972 crores apart from the income tax dues whereas the aggregate amount of income tax dues exceed Rs | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
13,800 crores | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
viii)Dr. Hitesh Mehta and Dr. Pratima Mehta who are medical practitioners by profession having affirmed affidavits admitting that the share broking and investment businesses which were part of family businesses were undertaken and conducted by late Harshad Mehta and they had no knowledge thereabout nor were they involved therewith | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
they at this stage cannot be permitted to turn round and contend that they have nothing to do with the liabilities of Late Harshad Mehta | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
ix)The sale of commercial property had never been seriously contested by the Appellants and in fact the contention of the Appellants herein before the Special Court was that if the commercial properties were sold, there would be no need to sell the residential properties | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Even before this Court, the sale of commercial properties had not been questioned | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
A large number of commercial properties having already been sold and third party rights having been created, this Court should not interfere with the impugned judgment | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
THE ACT | Argument | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Statement of Objects and Reasons for enacting the Act reads as under: "(1) In the course of the investigations by the Reserve Bank of India, large scale irregularities and malpractices were noticed in transactions in both the Government and other securities, indulged in by some brokers in collusion with the employees of various banks and financial institutions | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The said irregularities and malpractices led to the diversion of funds from banks and financial institutions to the individual accounts of certain brokers | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
2) To deal with the situation and in particular to ensure speedy recovery of the huge amount involved, to punish the guilty and restore confidence in and maintain the basic integrity and credibility of the banks and financial institutions the Special Court (Trial of Offences Relating to Transactions in Securities) Ordinance, 1992, was promulgated on the 6th June, 1992 | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Ordinance provides for the establishment of a Special Court with a sitting Judge of a High Court for speedy trial of offences relating to transactions in securities and disposal of properties attached | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It also provides for appointment of one or more custodians for attaching the property of the offenders with a view to prevent diversion of such properties by the offenders | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
S. 3 of the Act provides for appointment and functions of the Custodian | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Sub-s | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
2) of S. 3 postulates that the Custodian may, on being satisfied on information received that any person has been involved in any offence relating to transactions in securities after the 1st day of April, 1991 and on and before 6th June, 1992 (the Statutory Period), notify the name of such person in the Official Gazette | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
3) of S. 3 contains a non-obstante clause providing that on and from the date of notification under sub-section (2), any property, movable or immovable, or both, belonging to any person notified under that sub-section shall stand attached simultaneously with the issue of the notification and such attached properties may be dealt with by the Custodian in such manner as the Special Court may direct | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In the Ordinance which preceded the Act, there was no provision for giving post facto hearing to a notified person for cancellation of notification, but such a provision has been made in the Act, as would appear from S. 4(2) thereof | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
1) of S. 4 of the Act reads as under: "Contracts entered into fraudulently may be cancelled.-- If the Custodian is satisfied, after such inquiry as he may think fit, that any contract or agreement entered into at any time after the 1st day of April, 1991 and on and before the 6th June, 1992 in relation to any property of the person notified under sub-s | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
2) of s. 3 has been entered into fraudulently or to defeat the provisions of this Act, he may cancel such contract or agreement and on such cancellation such property shall stand attached under this Act | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Provided that no contract or agreement shall be cancelled except after giving to the parties to the contract or agreement a reasonable opportunity of being heard | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
2) of Section 4, however, provides for a hearing as regard correctness or otherwise of the notification notifying a person in this behalf, in the event, an appropriate application therefor is filed within 30 days of the issuance of such notification | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
S. 5 provides for establishment of the Special Court | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
S. 7 confers exclusive jurisdiction upon the Special Court | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Any prosecution in respect of any offence referred to in sub-s | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
2) of S. 3 pending in any Court is required to be transferred to the Special Court | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
S. 9 provides for the procedure and powers of the Special Court | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Section 9-A, which was inserted by Act 24 of 1994 with effect from 25th January, 1994, confers all such jurisdiction, powers and authority as were exercisable, immediately before such commencement by any Civil Court in relation to the matter specified therein | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
S. 11 of the Act reads as under: "Discharge of liabilities | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Notwithstanding anything contained in the Code and any other law for the time being in force, the Special Court may make such order as it may deem fit directing the Custodian for the disposal of the property under attachment | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The following liabilities shall be paid or discharged in full, as far as may be, in the order as under: (a) all revenues, taxes, cesses and rates due from the persons notified by the Custodian under sub-s | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
2) of S. 3 to the Central Government or any State Government or any local authority; (b) all amounts due from the person so notified by the Custodian to any bank or financial institution or mutual fund; and (c) any other liability as may be specified by the Special Court from time to time | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
ANALYSIS OF THE STATUTORY | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
PROVISIONS | Statute | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Act provides for stringent measures | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It was enacted for dealing with an extra-ordinary situation in the sense that any person who was involved in any offence relating to transaction of any security may be notified whereupon, all his properties stand attached | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The provision contained in the Act being stringent in nature, the purport and intent thereof must be ascertained having regard to the purpose and object it seeks to achieve | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The right of a person notified to file an application or to raise a defence that he is not liable in terms of the provisions of the Act or in any event, the properties attached should not be sold in discharge of the liabilities can be taken at the initial stage by filing an application in terms of Sub-s | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
2) of S. 4 of the Act | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
But, at the stage when liabilities are required to be discharged, the notified person may inter alia raise a contention inter alia for the purpose of establishing that the properties held and possessed by them are sufficient to meet their liabilities | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In terms of the provisions of the Act, the Special Court had been conferred a very wide power | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
RECEDENTS AS REGARD SCOPE OF THE ACT | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Constitutionality and / or interpretation of the Act came up for consideration before this Court in Harshad Shantilal | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Mehta 1998 | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Indlaw SC 732 v. Custodian and Others [(1998) 5 SCC 1] wherein the following questions were framed: "What is meant by revenues, taxes, cesses and rates due | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Does the word "due" refer merely to the liability to pay such taxes etc., or does it refer to a liability which has crystallised into a legally ascertained sum immediately payable | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Do the taxes [in cl | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
a) of S. 11(2)] refer only to taxes relating to a specific period or to all taxes due from the notified person | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
At what point of time should the taxes have become due | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Does the Special Court have any discretion relating to the extent of payments to be made under S. 11(2)(a) from out of the attached funds/property | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Whether taxes include penalty or interest | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Whether the Special Court has the power to absolve a notified person from payment of penalty or interest for a period subsequent to the date of his notification u/s | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In the alternative, is a notified person liable to payment of penalty or interest arising from his inability to pay taxes after his notification | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
As regard, Question No. 1, it was held: "In the present case, the words "taxes due" occur in a section dealing with distribution of property | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
At this stage the taxes "due" have to be actually paid out | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Therefore, the phrase "taxes due" cannot refer merely to a liability created by the charging section to pay the tax under the relevant law | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
It must refer to an ascertained liability for payment of taxes quantified in accordance with law | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In other words, taxes as assessed which are presently payable by the notified person are taxes which have to be taken into account under S. 11(2)(a) while distributing the property of the notified person | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Taxes which are not legally assessed or assessments which have not become final and binding on the assessee, are not covered under S. 11(2)(a) because unless it is an ascertained and quantified liability, disbursement cannot be made | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In the context of S. 11(2), therefore, "the taxes due" refer to "taxes as finally assessed | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In regard to Question No. 2, it was opined: "Every kind of tax liability of the notified person for any other period is not covered by S. 11(2)(a), although the liability may continue to be the liability of the notified person | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Such tax liability may be discharged either under the directions of the Special Court under S. 11(2)(c), or the taxing authority may recover the same from any subsequently acquired property of a notified person (vide Tejkumar Balakrishna Ruia v. A.K. Menon 1996 Indlaw SC 2403) or in any other manner from the notified person in accordance with law | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The priority, however, which is given under S. 11(2)(a) to such tax liability only covers such liability for the period 1-4-1991 to 6-6-1992 | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In respect of the Question No. 3, it was opined that the date of distribution arrives when the Special Court completes the examination of claims under Section 9-A and if on that date, any tax liability for the statutory period is legally assessed, and the assessment is final and binding on a notified person, that liability would be considered for payment u/s | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
11(1)(a | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
subject to what follows | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
So far as Question No. 4 is concerned, this Court despite upholding the contention of the Custodian that no question of any reopening of tax assessments before the Special Court would arise and the liability of the notified person to pay the tax will have to be determined under the machinery provided by the relevant tax law, observed: "But the Special Court can decide how much of that liability will be discharged out of the funds in the hands of the Custodian | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
This is because the tax liability of a notified person having priority under S. 11(2)(a) is only tax liability pertaining to the "statutory period | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Secondly payment in full may or may not be made by the Special Court depending upon various circumstances | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Special Court can, for this purpose, examine whether there is any fraud, collusion or miscarriage of justice in assessment proceedings | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The assessee who is before the Special Court, is a person liable to be charged with an offence relating to transactions in securities | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
He may not, in these circumstances, explain transactions before the Income Tax authorities, in case his position is prejudicially affected in defending criminal charges | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Then, on account of his property being attached, he may not be in a position to deposit the tax assessed or file appeals or further proceedings under the relevant tax law which he could have otherwise done | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Where the assessment is based on proper material and pertains to the "statutory period", the Special Court may not reduce the tax claimed and pay it out in full | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
But if the assessment is a "best judgment" assessment, the Special Court may examine whether, for example, the income which is so assessed to tax bears comparison to the amounts attached by the Custodian, or whether the taxes so assessed are grossly disproportionate to the properties of the assessee in the hands of the Custodian, applying the Wednesbury Principle of Proportionality | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Special Court may in these cases, scale down the tax liability to be paid out of the funds in the hands of the Custodian | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
In regard to Question No. 5, this Court agreed with the finding of the Special Court that neither penalty nor interest can be considered as tax under S. 11(2)(a) of the Act | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
So far Question No. 6 is concerned, it was held that the remedy of a notified person who is assessed to penalty or interest, after the notified period, would be entitled to move the appropriate authority under the taxing statute stating: "If it is open to him under the relevant taxing statute to contend that he was unable to pay his taxes on account of the attachment of all his properties under the Special Court Act, and that there is a valid reason why penalty or interest should not be imposed upon him after the date of notification, the authorities concerned under the taxing statute can take notice of these circumstances in accordance with law for the purpose of deciding whether penalty or interest can be imposed on the notified person | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Special Court is required to consider this question only from the point of view of distributing any part of the surplus assets in the hands of the Custodian after the discharge of liabilities u/ss | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
11(2)(a) and 11(2)(b | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Special Court has full discretion under S. 11(2)(c) to decide whether such claim for penalty or interest should be paid out of any surplus funds in the hands of the Custodian | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
We must, however, notice that reliance was sought to be placed on the said judgment wherein reference was made to a Bombay High Court judgment in Hitesh Shantilal Mehta v. Union of India | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
1992) 3 Bom CR 716] 1992 Indlaw MUM 6066 wherein it was held: "If the person ... approaches the Special Court and makes out, for example, a case that the property which is attached has no nexus of any sort with the illegal dealings in securities belonging to banks and financial institutions during the relevant period and/or that there are no claims or liabilities which have to be satisfied by attachment and sale of such property, in our view, the Special Court would have the power to direct the Custodian to release such property from attachment | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
But, the said observation was held to be not laying down a law by a 3-Judge Bench of this Court in L.S. Synthetics Ltd. v. Fairgrowth Financial Services Ltd. and Another [(2004) 11 SCC 456] 2004 Indlaw SC 715 holding: "(i | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
A notified party has the requisite locus to bring the fact to the notice of the Special Court that certain sum is owing and due to him from a third party whereupon a proceeding can be initiated for recovery thereof by the Custodian and consequent application thereof in discharge of the liability of the notified person | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
ii) Sub-s | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
3) of S. 3 should be literally construed and so construed, all properties belonging to the notified person shall be subject to attachment which may, consequently, be applied for discharge of his liabilities in terms of S. 11 of the said Act | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The provisions of the Limitation Act, 1963 have no application in relation to the proceedings under the said Act | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The ratio of the said decision as regard applicability of the Limitation Act was further considered by a Division bench of this Court in Fairgrowth Investments Ltd | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
v. Custodian [(2004) 11 SCC 472] 2004 Indlaw SC 868 wherein it was held that S. 5 of the Limitation Act will have no application in relation to an application falling under Sub-s | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
2) of S. 4 of the Act stating: "It is enough for the purpose of this appeal to hold that S. 29(2) of the Limitation Act, 1963 does not apply to proceedings under S. 4(2) of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Since the appellant's petition of objection had been filed much beyond the period prescribed under that section, the Special Court was right in rejecting the petition in limine | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The appeal is accordingly dismissed but without any order as to costs | Precedent | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
The Appellants herein are notified persons in terms of the provisions of the Act | Ratio of the decision | Analyze the sentence and predict in which semantic role (Arguments, Precedent, Statutes, Facts, Ratio Decidendi, Ruling of Lower Court, Ruling of Present Court) does this come under in Indian legal context |
Subsets and Splits
No saved queries yet
Save your SQL queries to embed, download, and access them later. Queries will appear here once saved.