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...
Delay in filing returns and audit reports for AYs 2018-19 to 2022-23 was sought to be condoned under s.119(2)(b) on the ground that statutory audit under the applicable cooperative law could not be completed within time due to non-availability of departmental auditors, a cause not attributable to the assessee. The Court held that "genuine hardship" and "sufficient cause" were established, and the authority erred by rejecting the request on a hyper-technical view of inordinate delay despite documentary material showing systemic default and completed audits. As denial would potentially deprive legitimate s.80P deductions (subject to scrutiny), the rejection order was set aside and a mandamus issued to permit filing of returns with audit reports. - HC
Delay in filing returns and audit reports for AYs 2018-19 to 2022-23 was sought to be condoned under s.119(2)(b) on the ground that statutory audit under the applicable cooperative law could not be completed within time due to non-availability of departmental auditors, a cause not attributable to the assessee. The Court held that "genuine hardship" and "sufficient cause" were established, and the authority erred by rejecting the request on a hyper-technical view of inordinate delay despite documentary material showing systemic default and completed audits. As denial would potentially deprive legitimate s.80P deductions (subject to scrutiny), the rejection order was set aside and a mandamus issued to permit filing of returns with audit reports. - HC
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