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...
Unexplained cash deposits during demonetisation: the Tribunal held that cash deposited in the bank derived from prior household savings and recorded in the assessee's books, and once receipts are reflected in books and accepted by the assessing officer, the onus to further explain does not sustain an addition under section 69A; consequence - addition under s.69A deleted. Double taxation and prior acceptance of receipts: re-taxing the same receipts under s.69A would amount to double taxation, therefore such duplicate addition is impermissible - consequence - deleted. Evidentiary deficiencies: poor documentary compliance justified partial relief; consequence - a compensatory addition of 10% of Rs.29,60,000 (Rs.2,96,000) sustained. Section 115BBE: deposits held to arise from business and thus not liable to flat rate under s.115BBE; consequence - tax the Rs.2,96,000 at normal rates by the AO. - ITAT
Unexplained cash deposits during demonetisation: the Tribunal held that cash deposited in the bank derived from prior household savings and recorded in the assessee's books, and once receipts are reflected in books and accepted by the assessing officer, the onus to further explain does not sustain an addition under section 69A; consequence - addition under s.69A deleted. Double taxation and prior acceptance of receipts: re-taxing the same receipts under s.69A would amount to double taxation, therefore such duplicate addition is impermissible - consequence - deleted. Evidentiary deficiencies: poor documentary compliance justified partial relief; consequence - a compensatory addition of 10% of Rs.29,60,000 (Rs.2,96,000) sustained. Section 115BBE: deposits held to arise from business and thus not liable to flat rate under s.115BBE; consequence - tax the Rs.2,96,000 at normal rates by the AO. - ITAT
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