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...
Agricultural income was partly disallowed because the taxpayer failed to substantiate cultivation and entitlement to agricultural income from land owned by a sibling; a bare assertion and sibling confirmation, without corroboration such as evidence that the sibling did not declare such income, was held insufficient, so agricultural income was accepted only proportionately to the taxpayer's own land and the balance was assessed as income from other sources. Reassessment under s.147 to tax unsecured loans under s.68 was invalid since the issue had been specifically examined in the original scrutiny and accepted, making reopening a mere change of opinion; the election affidavit disclosed no adverse new material and there was no fresh loan receipt during the year, so jurisdiction failed and the addition was deleted. - ITAT
Agricultural income was partly disallowed because the taxpayer failed to substantiate cultivation and entitlement to agricultural income from land owned by a sibling; a bare assertion and sibling confirmation, without corroboration such as evidence that the sibling did not declare such income, was held insufficient, so agricultural income was accepted only proportionately to the taxpayer's own land and the balance was assessed as income from other sources. Reassessment under s.147 to tax unsecured loans under s.68 was invalid since the issue had been specifically examined in the original scrutiny and accepted, making reopening a mere change of opinion; the election affidavit disclosed no adverse new material and there was no fresh loan receipt during the year, so jurisdiction failed and the addition was deleted. - ITAT
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