Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
HC dismissed the writ petition on grounds of delay and laches. Petitioner failed to exhaust statutory remedy of appeal under Section 86 of Finance Act, 1994 before approaching the writ court. Cause of action accrued on 31.10.2014, but petition was filed in June 2019, constituting approximately five years' delay. Court held that petitioner slept over rights for considerable period and attempted to rekindle lapsed cause of action. While no fixed limitation period exists for writ petitions, HC must exercise discretionary jurisdiction under Article 226 considering reasonableness of time. Court emphasized that delay defeats equity and writ courts should not permit indolent litigants to benefit from their own wrong. Petition dismissed solely on laches ground without examining merits.
HC dismissed the writ petition on grounds of delay and laches. Petitioner failed to exhaust statutory remedy of appeal under Section 86 of Finance Act, 1994 before approaching the writ court. Cause of action accrued on 31.10.2014, but petition was filed in June 2019, constituting approximately five years' delay. Court held that petitioner slept over rights for considerable period and attempted to rekindle lapsed cause of action. While no fixed limitation period exists for writ petitions, HC must exercise discretionary jurisdiction under Article 226 considering reasonableness of time. Court emphasized that delay defeats equity and writ courts should not permit indolent litigants to benefit from their own wrong. Petition dismissed solely on laches ground without examining merits.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
