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...
Where a valid search under s.132 was conducted on the assessee, the assessee could not be treated as a "third party", and the special search assessment code under ss.153A-153D was held to override the general reassessment provision in s.147; accordingly, s.147 could not be invoked to bypass the statutory machinery and limitation applicable to a searched person, and the departmental objection was rejected. Although the search-year assessment (AY corresponding to the year of search) is not within the six preceding years under s.153A, the time limit under s.153B applies to both the six years and the year of search; since the assessment was completed beyond the prescribed outer limit, it was held time-barred and void ab initio, and the assessment was quashed. - ITAT
Where a valid search under s.132 was conducted on the assessee, the assessee could not be treated as a "third party", and the special search assessment code under ss.153A-153D was held to override the general reassessment provision in s.147; accordingly, s.147 could not be invoked to bypass the statutory machinery and limitation applicable to a searched person, and the departmental objection was rejected. Although the search-year assessment (AY corresponding to the year of search) is not within the six preceding years under s.153A, the time limit under s.153B applies to both the six years and the year of search; since the assessment was completed beyond the prescribed outer limit, it was held time-barred and void ab initio, and the assessment was quashed. - ITAT
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