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...
In a limited scrutiny selected to examine s.14A expenditure and capital/share capital, the AO lacked jurisdiction to make an addition u/s 69; CBDT instructions u/s 119 are binding and breach vitiates the assessment, and later rectification u/s 154 cannot cure a jurisdictional defect, hence the assessment u/s 143(3) was quashed as void. On succession of a proprietary business to a company, once conditions of s.47(xiv) were satisfied, revaluation and higher issue price of shares did not negate the exemption, so no capital gains arose u/s 45. Consequently, the capital credit representing net business transfer could not be taxed u/s 68 and was deleted. Gifts received through registered settlement deeds from specified relatives were held genuine; valuation differences did not attract s.68 or s.56(2)(x), so the addition was deleted. - ITAT
In a limited scrutiny selected to examine s.14A expenditure and capital/share capital, the AO lacked jurisdiction to make an addition u/s 69; CBDT instructions u/s 119 are binding and breach vitiates the assessment, and later rectification u/s 154 cannot cure a jurisdictional defect, hence the assessment u/s 143(3) was quashed as void. On succession of a proprietary business to a company, once conditions of s.47(xiv) were satisfied, revaluation and higher issue price of shares did not negate the exemption, so no capital gains arose u/s 45. Consequently, the capital credit representing net business transfer could not be taxed u/s 68 and was deleted. Gifts received through registered settlement deeds from specified relatives were held genuine; valuation differences did not attract s.68 or s.56(2)(x), so the addition was deleted. - ITAT
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