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...
On the characterisation of gains from sale of shares, the appellate authority accepted documentary evidence showing acquisition in tranches with verifiable dates and costs, and, after a remand report found no discrepancy, held the declared cost and holding period to be correct; the Revenue's plea that the evidence was not before the AO was rejected, and the relief allowing long-term capital loss/confirming short-term capital gain computation was sustained. On salary excess recovered under the Companies Act pursuant to Central Government directions, the recovery was held not to constitute taxable income, following binding precedent, and the addition was deleted. On addition under s.69A for alleged unexplained investment in a US property, the Revenue failed to link the investment to the assessee where family funds and corporate remittance were evidenced; deletion was upheld - ITAT
On the characterisation of gains from sale of shares, the appellate authority accepted documentary evidence showing acquisition in tranches with verifiable dates and costs, and, after a remand report found no discrepancy, held the declared cost and holding period to be correct; the Revenue's plea that the evidence was not before the AO was rejected, and the relief allowing long-term capital loss/confirming short-term capital gain computation was sustained. On salary excess recovered under the Companies Act pursuant to Central Government directions, the recovery was held not to constitute taxable income, following binding precedent, and the addition was deleted. On addition under s.69A for alleged unexplained investment in a US property, the Revenue failed to link the investment to the assessee where family funds and corporate remittance were evidenced; deletion was upheld - ITAT
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