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...
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Whether the payment made to a stock exchange for shortfall in margin money constitutes an inadmissible "penalty" disallowable under s. 37 was the dominant issue. Relying on binding precedent holding that such sums are compensatory in nature and incurred in the course of business, the tribunal held that the payment cannot be treated as an offence-related penalty attracting disallowance under s. 37. Consequently, the disallowance sustained by the first appellate authority was set aside and the deduction was allowed. - ITAT
Whether the payment made to a stock exchange for shortfall in margin money constitutes an inadmissible "penalty" disallowable under s. 37 was the dominant issue. Relying on binding precedent holding that such sums are compensatory in nature and incurred in the course of business, the tribunal held that the payment cannot be treated as an offence-related penalty attracting disallowance under s. 37. Consequently, the disallowance sustained by the first appellate authority was set aside and the deduction was allowed. - ITAT
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