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...
Aftermarket trading expenses for purposes of computing deduction under s. 80IC were held allocable on the basis of aftermarket trading sales ratio, as the expenses were incurred to earn such sales; the contrary allocation on total sales was rejected and the Revenue's challenge failed while the assessee succeeded. Adjustment of eligible profits under s. 80IC by recomputing arm's length price for stock transfers to head office was disallowed because s. 80IA(12) was inapplicable where the eligible unit continued with the same assessee post-amalgamation; relief was granted to the assessee. Reimbursement payments to non-residents were held not constituting income, so no withholding under s. 195 arose and disallowance under s. 40(a)(i) was deleted. Royalty was treated as revenue expenditure, and a notional 10% markup to head office was disallowed. - ITAT
Aftermarket trading expenses for purposes of computing deduction under s. 80IC were held allocable on the basis of aftermarket trading sales ratio, as the expenses were incurred to earn such sales; the contrary allocation on total sales was rejected and the Revenue's challenge failed while the assessee succeeded. Adjustment of eligible profits under s. 80IC by recomputing arm's length price for stock transfers to head office was disallowed because s. 80IA(12) was inapplicable where the eligible unit continued with the same assessee post-amalgamation; relief was granted to the assessee. Reimbursement payments to non-residents were held not constituting income, so no withholding under s. 195 arose and disallowance under s. 40(a)(i) was deleted. Royalty was treated as revenue expenditure, and a notional 10% markup to head office was disallowed. - ITAT
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