Standard Charterd Bank vs Asst.Commr.Of Income Tax,Bombay & Ors

The Supreme Court upheld the Special Court's decision to withhold the distribution of funds related to Harshad Shantilal Mehta until the Income Tax Appeal is resolved, emphasizing the importance of final adjudication by the CIT (Appeals) under the Trial of Offences relating to Transaction in Securities Act, 1992. The Court directed the CIT (A), Central V, Mumbai to conclude the pending appeal within six months without granting adjournments. The Court also ordered that the current CIT (A) should not be transferred until the appeal is decided to avoid delays.