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Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
The Appellate Tribunal adjudicated on the issue of addition of interest income and penalty u/s 271(1)(c). The assessee contended that the interest income from a Fixed Deposit (FD) with the State Bank of India never crystallized due to a legal dispute over the ownership of the funds. The Tribunal held that where the ownership itself is in question, the decision to delete the addition becomes questionable. The assessee cannot be permanently excluded from taxation on interest earned from the FD. However, the assessee cannot be taxed on an asset over which it does not have conclusive ownership. The issue of final ownership is yet to be decided by the court. The Tribunal directed the Assessing Officer to re-adjudicate the taxation of interest income once the High Court decides the ownership. The penalty u/s 271(1)(c) was set aside, and the Assessing Officer was directed to decide on the imposition of penalty based on the decision regarding taxation of interest income.
The Appellate Tribunal adjudicated on the issue of addition of interest income and penalty u/s 271(1)(c). The assessee contended that the interest income from a Fixed Deposit (FD) with the State Bank of India never crystallized due to a legal dispute over the ownership of the funds. The Tribunal held that where the ownership itself is in question, the decision to delete the addition becomes questionable. The assessee cannot be permanently excluded from taxation on interest earned from the FD. However, the assessee cannot be taxed on an asset over which it does not have conclusive ownership. The issue of final ownership is yet to be decided by the court. The Tribunal directed the Assessing Officer to re-adjudicate the taxation of interest income once the High Court decides the ownership. The penalty u/s 271(1)(c) was set aside, and the Assessing Officer was directed to decide on the imposition of penalty based on the decision regarding taxation of interest income.
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