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...
Reassessment for disallowing higher depreciation on computer software was held time-barred because the original scrutiny assessment was based on a full and true disclosure, and the Revenue relied only on the same return, financials, and depreciation statement without any subsequent tangible material; hence the proviso to s.147 could not extend limitation and reopening amounted to impermissible review. Consequently, limitation was reckoned from the original assessment date, as the later s.143(3) r/w s.263 order dealt only with s.10A/10B computation and did not merge on the depreciation issue, rendering the reopening without jurisdiction. On merits, computer software was eligible for 60% depreciation under the then-existing "computers" entry, as no separate software entry existed pre-AY 2003-04, so the higher rate was allowable. - HC
Reassessment for disallowing higher depreciation on computer software was held time-barred because the original scrutiny assessment was based on a full and true disclosure, and the Revenue relied only on the same return, financials, and depreciation statement without any subsequent tangible material; hence the proviso to s.147 could not extend limitation and reopening amounted to impermissible review. Consequently, limitation was reckoned from the original assessment date, as the later s.143(3) r/w s.263 order dealt only with s.10A/10B computation and did not merge on the depreciation issue, rendering the reopening without jurisdiction. On merits, computer software was eligible for 60% depreciation under the then-existing "computers" entry, as no separate software entry existed pre-AY 2003-04, so the higher rate was allowable. - HC
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