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 the assessee trust validly accumulated income under section 11(2) despite stating a broadly worded purpose in Form No. 10. The tribunal held that the trust's activities during the relevant year demonstrably advanced its charitable objects, including humanitarian aid, rescue and rehabilitation support, and social awareness initiatives, and therefore satisfied statutory conditions for accumulation. It further held that the stated purpose, though general due to space constraints in Form No. 10, was consistent with the trust deed objects, was not shown to be outside the permitted scope, and there was no allegation of non-compliance with section 11(2) or misuse of accumulated funds. Accordingly, accumulation was allowed. - ITAT
The dominant issue was whether the assessee trust validly accumulated income under section 11(2) despite stating a broadly worded purpose in Form No. 10. The tribunal held that the trust's activities during the relevant year demonstrably advanced its charitable objects, including humanitarian aid, rescue and rehabilitation support, and social awareness initiatives, and therefore satisfied statutory conditions for accumulation. It further held that the stated purpose, though general due to space constraints in Form No. 10, was consistent with the trust deed objects, was not shown to be outside the permitted scope, and there was no allegation of non-compliance with section 11(2) or misuse of accumulated funds. Accordingly, accumulation was allowed. - ITAT
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