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...
Where the assessment order and demand notice specified "nil" demand, and tax demand arose only subsequently through rectification under s.154, the assessee could not be treated as in default under s.220(1) so as to trigger interest under s.220(2). Interest under s.220(2) can run only after expiry of 30 days from service of a fresh notice of demand under s.156 consequent to the rectification, and cannot be levied for any prior period; an assessee cannot be penalised for the AO's computational error in the original assessment. Interest levied under s.220(2) was held unsustainable and directed to be deleted. - ITAT
Where the assessment order and demand notice specified "nil" demand, and tax demand arose only subsequently through rectification under s.154, the assessee could not be treated as in default under s.220(1) so as to trigger interest under s.220(2). Interest under s.220(2) can run only after expiry of 30 days from service of a fresh notice of demand under s.156 consequent to the rectification, and cannot be levied for any prior period; an assessee cannot be penalised for the AO's computational error in the original assessment. Interest levied under s.220(2) was held unsustainable and directed to be deleted. - ITAT
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