ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
The HC set aside the Appellate Authority's dismissal of the petitioner's appeal for delay and alleged non-compliance with a statutory pre-deposit, holding that Section 107(6) of the 2017 Act (pre-deposit requirement) did not apply as it was not in force when the appeal was filed or decided; non-existent preconditions cannot be imported to defeat a substantive right of appeal. The matter is remitted to the Appellate Authority under Section 107 with liberty for the petitioner to move for condonation of delay; the Appellate Authority shall adjudicate the condonation application on the material before it and, if satisfied, decide the appeal on merits. Petition disposed.
The HC set aside the Appellate Authority's dismissal of the petitioner's appeal for delay and alleged non-compliance with a statutory pre-deposit, holding that Section 107(6) of the 2017 Act (pre-deposit requirement) did not apply as it was not in force when the appeal was filed or decided; non-existent preconditions cannot be imported to defeat a substantive right of appeal. The matter is remitted to the Appellate Authority under Section 107 with liberty for the petitioner to move for condonation of delay; the Appellate Authority shall adjudicate the condonation application on the material before it and, if satisfied, decide the appeal on merits. Petition disposed.
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