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...
Reopening under s.147 was upheld as the AO recorded that the assessee had failed to fully and truly disclose material facts necessary for assessment, and the matters forming the basis of reassessment had not been examined in the earlier s.143(3) proceedings; hence, the reassessment was not a mere change of opinion and the jurisdictional condition of "reasons to believe" was satisfied, resulting in rejection of the challenge to reopening. The CIT(A)'s remand for de novo assessment was sustained because the assessment had been framed without reasons due to alleged non-compliance with notices, and the assessee demonstrated illness as cause; the CIT(A) validly exercised powers under s.251(1)(a), leading to dismissal of the appeal ground. - ITAT
Reopening under s.147 was upheld as the AO recorded that the assessee had failed to fully and truly disclose material facts necessary for assessment, and the matters forming the basis of reassessment had not been examined in the earlier s.143(3) proceedings; hence, the reassessment was not a mere change of opinion and the jurisdictional condition of "reasons to believe" was satisfied, resulting in rejection of the challenge to reopening. The CIT(A)'s remand for de novo assessment was sustained because the assessment had been framed without reasons due to alleged non-compliance with notices, and the assessee demonstrated illness as cause; the CIT(A) validly exercised powers under s.251(1)(a), leading to dismissal of the appeal ground. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
