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...
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Agreement for sale creating an enforceable right and accompanied by substantial advance consideration and irrevocable commitment was held to constitute a transfer under the statutory definition, because it created a right in personam enabling specific performance; consequently the earlier purchase within one year prior to that date qualified for the capital gains exemption on acquisition. The legal test applied emphasised creation of enforceable rights and transfer of possession or rights to enforce the agreement as determinative of the date of transfer and entitlement to exemption.
Agreement for sale creating an enforceable right and accompanied by substantial advance consideration and irrevocable commitment was held to constitute a transfer under the statutory definition, because it created a right in personam enabling specific performance; consequently the earlier purchase within one year prior to that date qualified for the capital gains exemption on acquisition. The legal test applied emphasised creation of enforceable rights and transfer of possession or rights to enforce the agreement as determinative of the date of transfer and entitlement to exemption.
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