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...
Validity of reassessment notice under s.147/s.148: held that Range head has concurrent jurisdiction and undated/unsigned reasons were not fatal where covering letter carried DIN - notice valid. Addition under s.2(22)(e): transactions characterized as ordinary course share trading; reliance on precedent and CBDT Circular supports deletion of deemed dividend - addition deleted. Disallowance under s.14A: no investment existed in books, AO's presumption defective - deletion sustained. Short-term capital loss on alleged property sale: absence of transfer evidence and contrived transactions found; CIT(A)'s relief set aside and AO's addition confirmed. Additions under ss.41(1) and 68: CIT(A)'s deletions sustained; other expense disallowances for non-production of parties overturned - mixed outcomes. - ITAT
Validity of reassessment notice under s.147/s.148: held that Range head has concurrent jurisdiction and undated/unsigned reasons were not fatal where covering letter carried DIN - notice valid. Addition under s.2(22)(e): transactions characterized as ordinary course share trading; reliance on precedent and CBDT Circular supports deletion of deemed dividend - addition deleted. Disallowance under s.14A: no investment existed in books, AO's presumption defective - deletion sustained. Short-term capital loss on alleged property sale: absence of transfer evidence and contrived transactions found; CIT(A)'s relief set aside and AO's addition confirmed. Additions under ss.41(1) and 68: CIT(A)'s deletions sustained; other expense disallowances for non-production of parties overturned - mixed outcomes. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
