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...
Dividend income was treated at processing as falling under s.10(34) and taxed beyond ₹10 lakh by applying s.115BBDA on the premise that it arose from domestic companies. On evidence showing the dividend was from mutual funds and was necessarily reported in Schedule EI without bifurcation, the Tribunal held that such income squarely falls under s.10(35) and is fully exempt, rendering s.115BBDA inapplicable; the corresponding addition was deleted. On the claimed capital loss, since the first appellate authority had directed verification and allowance if found correct and the supporting documents were on record, no interference was warranted and the ground was allowed for statistical purposes. - ITAT
Dividend income was treated at processing as falling under s.10(34) and taxed beyond ₹10 lakh by applying s.115BBDA on the premise that it arose from domestic companies. On evidence showing the dividend was from mutual funds and was necessarily reported in Schedule EI without bifurcation, the Tribunal held that such income squarely falls under s.10(35) and is fully exempt, rendering s.115BBDA inapplicable; the corresponding addition was deleted. On the claimed capital loss, since the first appellate authority had directed verification and allowance if found correct and the supporting documents were on record, no interference was warranted and the ground was allowed for statistical purposes. - ITAT
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