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...
Assessee's entitlement to exemption under s.54F: (1) Whether assessee owned more than one residential house-AO's finding that a vacant/industrial land with leased factory constituted a residential house was factually erroneous; land at 13 BT Road was non-residential and excluded from proviso sub-clause (i), therefore no disqualification - exemption allowed on this point. (2) Whether jointly held family property precluded s.54F - joint co-ownership meant the proviso's exclusivity test was not satisfied and did not bar the claim - exemption allowed. (3) Whether use of sale proceeds/colourable device/clubbing u/s 64 applied - no requirement to directly deploy sale proceeds; gift/clubbing allegation rejected on facts and cultural motive; exemption upheld. - ITAT
Assessee's entitlement to exemption under s.54F: (1) Whether assessee owned more than one residential house-AO's finding that a vacant/industrial land with leased factory constituted a residential house was factually erroneous; land at 13 BT Road was non-residential and excluded from proviso sub-clause (i), therefore no disqualification - exemption allowed on this point. (2) Whether jointly held family property precluded s.54F - joint co-ownership meant the proviso's exclusivity test was not satisfied and did not bar the claim - exemption allowed. (3) Whether use of sale proceeds/colourable device/clubbing u/s 64 applied - no requirement to directly deploy sale proceeds; gift/clubbing allegation rejected on facts and cultural motive; exemption upheld. - ITAT
Note: It is a system-generated summary and is for quick reference only.