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: whether the assessing officer's estimate of gross agricultural receipts should be sustained. Reasoning: AO conceded the taxpayer carried on agricultural activity but disputed the correctness of reported gross agricultural receipts; taxpayer produced invoices and buyer confirmations but also some self-serving documents of limited evidentiary value; taxpayer's historical consistency in reporting agricultural income was considered. Outcome: directed AO to make an ad-hoc addition equal to 10% of agricultural receipts, taxed at normal rates; appeal partly allowed. - ITAT
Dominant issue: whether the assessing officer's estimate of gross agricultural receipts should be sustained. Reasoning: AO conceded the taxpayer carried on agricultural activity but disputed the correctness of reported gross agricultural receipts; taxpayer produced invoices and buyer confirmations but also some self-serving documents of limited evidentiary value; taxpayer's historical consistency in reporting agricultural income was considered. Outcome: directed AO to make an ad-hoc addition equal to 10% of agricultural receipts, taxed at normal rates; appeal partly allowed. - ITAT
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