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...
Reopening of assessment to withdraw deduction was held invalid because the original assessment had merged with an appellate order and the AO, acting on supervisory direction, lacked independent "reason to believe"; further, the recorded reasons did not allege failure to fully and truly disclose material facts, a jurisdictional precondition for reopening beyond four years, so the reassessment was set aside. Deduction under Chapter VI-A was held allowable despite a return filed within the extended time under s.139(4), applying the rule that conflicting views be resolved in favour of the taxpayer, so denial on belated filing was rejected. Interest and allied receipts were treated as having direct nexus with SEZ business, so deduction was sustained. Disallowances for excess depreciation and lease-rent/TDS were directed to be allowed since they did not affect taxable income in view of full profit deduction and CBDT Circular No.37/2016. - ITAT
Reopening of assessment to withdraw deduction was held invalid because the original assessment had merged with an appellate order and the AO, acting on supervisory direction, lacked independent "reason to believe"; further, the recorded reasons did not allege failure to fully and truly disclose material facts, a jurisdictional precondition for reopening beyond four years, so the reassessment was set aside. Deduction under Chapter VI-A was held allowable despite a return filed within the extended time under s.139(4), applying the rule that conflicting views be resolved in favour of the taxpayer, so denial on belated filing was rejected. Interest and allied receipts were treated as having direct nexus with SEZ business, so deduction was sustained. Disallowances for excess depreciation and lease-rent/TDS were directed to be allowed since they did not affect taxable income in view of full profit deduction and CBDT Circular No.37/2016. - ITAT
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