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...
Amounts received/paid between the taxpayer and group companies for purchase/sale of timeshare weeks were held to be commercial transactions, supported by consideration and indirect tax payment, and therefore not "loans or advances" attracting deemed dividend under s. 2(22)(e); the addition was deleted and the revenue's ground failed. Commission expenditure was allowed since the taxpayer furnished adequate particulars and there was no evidence of cash-back or off-book payments; disallowance merely for non-confirmation by parties was rejected and the revenue's ground failed. Depreciation on capitalised timeshare weeks was sustained as forming part of the building block/cost of improvement, consistently accepted in later years; the revenue's ground failed. Ad hoc disallowance of foreign travel was set aside for lack of basis, and the revenue's ground failed. An assessment framed on a non-existing amalgamated entity was held void for lack of jurisdiction, not curable under s. 292B, and was set aside. - ITAT
Amounts received/paid between the taxpayer and group companies for purchase/sale of timeshare weeks were held to be commercial transactions, supported by consideration and indirect tax payment, and therefore not "loans or advances" attracting deemed dividend under s. 2(22)(e); the addition was deleted and the revenue's ground failed. Commission expenditure was allowed since the taxpayer furnished adequate particulars and there was no evidence of cash-back or off-book payments; disallowance merely for non-confirmation by parties was rejected and the revenue's ground failed. Depreciation on capitalised timeshare weeks was sustained as forming part of the building block/cost of improvement, consistently accepted in later years; the revenue's ground failed. Ad hoc disallowance of foreign travel was set aside for lack of basis, and the revenue's ground failed. An assessment framed on a non-existing amalgamated entity was held void for lack of jurisdiction, not curable under s. 292B, and was set aside. - ITAT
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