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...
Whether assessee entitled to exemption under section 10(26AAA): Tribunal applied Supreme Court ruling that excluding old settlers from definition of Sikkimese was arbitrary under Article 14 and noted retrospective legislative amendment recognizing domicile on or before 26.04.1975, holding old settlers are entitled to parity; exemption allowed. Whether unexplained cash credit under section 68 was gift from relative: Tribunal admitted additional bank and ledger evidence showing donor's creditworthiness and relationship, restored matter to AO for fresh decision. Whether penalty under section 271D for breach of section 269SS attracted: Tribunal found only book/journal entries and third-party cheque payments; penalty deleted. - ITAT
Whether assessee entitled to exemption under section 10(26AAA): Tribunal applied Supreme Court ruling that excluding old settlers from definition of Sikkimese was arbitrary under Article 14 and noted retrospective legislative amendment recognizing domicile on or before 26.04.1975, holding old settlers are entitled to parity; exemption allowed. Whether unexplained cash credit under section 68 was gift from relative: Tribunal admitted additional bank and ledger evidence showing donor's creditworthiness and relationship, restored matter to AO for fresh decision. Whether penalty under section 271D for breach of section 269SS attracted: Tribunal found only book/journal entries and third-party cheque payments; penalty deleted. - ITAT
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