Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Issue: Whether penalty under section 271B survives after deletion of the assessment addition. Reasoning: Applying the legal maxim "Sublato fundamento cadit opus," the Tribunal held that removal of the foundational assessment addition destroys the legal basis for consequential punitive measures; illegality striking at the root invalidates subsequent penalty proceedings. Outcome: Penalty under section 271B was annulled and the appeal allowed. - ITAT
Issue: Whether penalty under section 271B survives after deletion of the assessment addition. Reasoning: Applying the legal maxim "Sublato fundamento cadit opus," the Tribunal held that removal of the foundational assessment addition destroys the legal basis for consequential punitive measures; illegality striking at the root invalidates subsequent penalty proceedings. Outcome: Penalty under section 271B was annulled and the appeal allowed. - ITAT
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