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...
The dominant issue was whether TDS credit could be restricted while processing the return under section 143(1) despite the TDS appearing in Form 26AS. The appellate authority held that credit under section 199 read with Rule 37BA must be granted in accordance with verified TDS and its linkage to income corresponding to the gross receipts, and therefore directed the AO to verify these conditions and allow full TDS credit as reflected in Form 26AS upon such verification. Consequently, the Revenue's challenge was rejected and the appeal was dismissed. - ITAT
The dominant issue was whether TDS credit could be restricted while processing the return under section 143(1) despite the TDS appearing in Form 26AS. The appellate authority held that credit under section 199 read with Rule 37BA must be granted in accordance with verified TDS and its linkage to income corresponding to the gross receipts, and therefore directed the AO to verify these conditions and allow full TDS credit as reflected in Form 26AS upon such verification. Consequently, the Revenue's challenge was rejected and the appeal was dismissed. - ITAT
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