Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
ITAT upheld the CIT(A)'s deletion of addition u/s 69B r.w.s. 115BBE in respect of alleged "on-money" for purchase of land. The Tribunal held that loose sheets and diaries seized from a third party, containing only dates, amounts and abbreviated names without identifying payer, payee, nature or purpose of transactions, were "dumb documents" lacking evidentiary value. The material was neither seized from the assessee nor in assessee's or vendors' handwriting, and no independent, corroborative evidence or actual money trail was brought on record. The AO's reliance on such uncorroborated documents and a subsequently retracted statement was held legally untenable. Consequently, the addition for unexplained investment was unsustainable, and the assessee's appeal was allowed.
ITAT upheld the CIT(A)'s deletion of addition u/s 69B r.w.s. 115BBE in respect of alleged "on-money" for purchase of land. The Tribunal held that loose sheets and diaries seized from a third party, containing only dates, amounts and abbreviated names without identifying payer, payee, nature or purpose of transactions, were "dumb documents" lacking evidentiary value. The material was neither seized from the assessee nor in assessee's or vendors' handwriting, and no independent, corroborative evidence or actual money trail was brought on record. The AO's reliance on such uncorroborated documents and a subsequently retracted statement was held legally untenable. Consequently, the addition for unexplained investment was unsustainable, and the assessee's appeal was allowed.
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