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...
Deduction of rent expenditure was denied because the assessee failed to prove that the new premises were used for business during the relevant AY. Although a rent agreement and an application to shift the excise licence were produced, business use was legally contingent on excise permission and issuance of a new licence, which were granted only in the subsequent AY; without such permission, the assessee could not have shifted operations, and the premises could not be treated as used for business in the year under consideration. The disallowance was therefore sustained and the appeal was dismissed. - HC
Deduction of rent expenditure was denied because the assessee failed to prove that the new premises were used for business during the relevant AY. Although a rent agreement and an application to shift the excise licence were produced, business use was legally contingent on excise permission and issuance of a new licence, which were granted only in the subsequent AY; without such permission, the assessee could not have shifted operations, and the premises could not be treated as used for business in the year under consideration. The disallowance was therefore sustained and the appeal was dismissed. - HC
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