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HomeDirect TaxMPID Act Overrides Income Tax, PMLA Claims: Bombay High Court Upholds Release...

MPID Act Overrides Income Tax, PMLA Claims: Bombay High Court Upholds Release of Seized Rs. 60 Crore for Investor Repayment 

Direct Tax

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By Mariya Paliwala
Bombay High Court

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The Bombay High Court while upholding the release of seized Rs. 60 Crore for investors repayment, held that the Maharashtra Protection of Interest of Depositors Act, 1999 (MPID Act)  overrides Income Tax and PMLA claims. The Bench of Justice A.S. Gadkari and Justice Shyam C. Chandakhas dismissed an appeal filed by the Deputy Director of…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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