Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
The SC affirmed the High Court's dismissal of the appeal, holding the instrument labelled a "Security Bond cum Mortgage Deed" is, in substance, a mortgage deed chargeable under Article 40 of Sch.1-B of the Indian Stamp Act, 1899, not falling within Article 57. The Court found the instrument transferred the appellant's interest in specified properties to the development authority to secure performance and payment obligations, thereby satisfying the statutory definition of mortgage. Article 57's second limb applies only to surety-executed securities; absent any surety and with the principal debtor executing the deed, Article 57 is inapplicable. The appeal was dismissed and the High Court orders upheld.
The SC affirmed the High Court's dismissal of the appeal, holding the instrument labelled a "Security Bond cum Mortgage Deed" is, in substance, a mortgage deed chargeable under Article 40 of Sch.1-B of the Indian Stamp Act, 1899, not falling within Article 57. The Court found the instrument transferred the appellant's interest in specified properties to the development authority to secure performance and payment obligations, thereby satisfying the statutory definition of mortgage. Article 57's second limb applies only to surety-executed securities; absent any surety and with the principal debtor executing the deed, Article 57 is inapplicable. The appeal was dismissed and the High Court orders upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
