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...
Dominant issue: classification of interest receipts as business income - applying the definition of "business" and principles of consistency, the tribunal found the taxpayer systematically raised large unsecured borrowings, intermediated loans through brokers, operated with profit motive and attendant risks, thereby satisfying all ingredients of business activity; interest was hence held to be income from business (appeal dismissed on this point). Subsidiary issues: disallowance under section 40(a)(ia) - because interest was business expenditure and TDS under section 194A was not deducted, the deduction was disallowed (ground dismissed); compliance with section 44AB - business receipts exceeded statutory threshold and an audit was required (ground dismissed). - ITAT
Dominant issue: classification of interest receipts as business income - applying the definition of "business" and principles of consistency, the tribunal found the taxpayer systematically raised large unsecured borrowings, intermediated loans through brokers, operated with profit motive and attendant risks, thereby satisfying all ingredients of business activity; interest was hence held to be income from business (appeal dismissed on this point). Subsidiary issues: disallowance under section 40(a)(ia) - because interest was business expenditure and TDS under section 194A was not deducted, the deduction was disallowed (ground dismissed); compliance with section 44AB - business receipts exceeded statutory threshold and an audit was required (ground dismissed). - ITAT
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