Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Revision under section 263 was invoked on the ground that the assessment under section 153C read with section 143(3) concerning alleged cash payment for purchase of development rights was erroneous and prejudicial. It was held that prior administrative approval under section 153D does not bar revision, since the statutory scheme permits the PCIT to revise an assessment order notwithstanding such approval. On merits, the assessment was found to be based on enquiries, verification of documents and evidences, and a plausible view, including consideration of a witness statement denying linkage of seized notings to the assessee; the Revenue also failed to identify any specific unmade enquiry or incriminating material directly implicating the assessee. Consequently, the revision order was set aside and the appeal was allowed - ITAT
Revision under section 263 was invoked on the ground that the assessment under section 153C read with section 143(3) concerning alleged cash payment for purchase of development rights was erroneous and prejudicial. It was held that prior administrative approval under section 153D does not bar revision, since the statutory scheme permits the PCIT to revise an assessment order notwithstanding such approval. On merits, the assessment was found to be based on enquiries, verification of documents and evidences, and a plausible view, including consideration of a witness statement denying linkage of seized notings to the assessee; the Revenue also failed to identify any specific unmade enquiry or incriminating material directly implicating the assessee. Consequently, the revision order was set aside and the appeal was allowed - ITAT
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