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...
Interest for delayed payment of VAT on sales of ENA/RS/HBS was upheld on the basis that Rule 24(3) mandates tax payment through e-challan with the return, and Section 25(4) statutorily fastens interest when tax due is not paid within the prescribed time. Since the dealer filed (revised) returns showing "zero" tax despite collecting VAT and did not deposit the tax by the due date, the filing was treated as no return in the eyes of law, attracting interest for belated remittance. The plea of uncertainty regarding the applicable regime was rejected because VAT was payable at least at the applicable rate under Section 5(1)(e), and the petition challenging the levy of interest was dismissed. - HC
Interest for delayed payment of VAT on sales of ENA/RS/HBS was upheld on the basis that Rule 24(3) mandates tax payment through e-challan with the return, and Section 25(4) statutorily fastens interest when tax due is not paid within the prescribed time. Since the dealer filed (revised) returns showing "zero" tax despite collecting VAT and did not deposit the tax by the due date, the filing was treated as no return in the eyes of law, attracting interest for belated remittance. The plea of uncertainty regarding the applicable regime was rejected because VAT was payable at least at the applicable rate under Section 5(1)(e), and the petition challenging the levy of interest was dismissed. - HC
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