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...
Dominant issue was the appropriate profit rate for estimating business income where the first appellate authority recharacterised the income as business income and applied a higher estimated margin. The Tribunal held that, absent any distinguishing facts, abnormal features, or benchmarking with comparable businesses, estimation must remain reasonable and consistent with accepted past results. Since the taxpayer's 6% profit rate was aligned with earlier years' assessments accepted by the department, and the appellate authority provided no comparables or specific basis for enhancing it to 10%, the enhancement was unsustainable. The profit rate was directed to be taken at 6%, and the appeal was allowed. - ITAT
Dominant issue was the appropriate profit rate for estimating business income where the first appellate authority recharacterised the income as business income and applied a higher estimated margin. The Tribunal held that, absent any distinguishing facts, abnormal features, or benchmarking with comparable businesses, estimation must remain reasonable and consistent with accepted past results. Since the taxpayer's 6% profit rate was aligned with earlier years' assessments accepted by the department, and the appellate authority provided no comparables or specific basis for enhancing it to 10%, the enhancement was unsustainable. The profit rate was directed to be taken at 6%, and the appeal was allowed. - ITAT
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