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...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Denial of charitable exemption under section 11 due to delayed filing of Form 10BB was held impermissible where the assessee was otherwise entitled to the benefit; procedural lapse alone should not defeat statutory exemption, and the tax department must not retain amounts not legitimately due. The court relied on precedent that revenue cannot collect tax not payable and treated the medical condition of the managing trustee as an explanatory circumstance for delay. Consequently the petitioner's entitlement to exemption was recognised while the court directed payment of Rs. 50,000 as a condition of relief.
Denial of charitable exemption under section 11 due to delayed filing of Form 10BB was held impermissible where the assessee was otherwise entitled to the benefit; procedural lapse alone should not defeat statutory exemption, and the tax department must not retain amounts not legitimately due. The court relied on precedent that revenue cannot collect tax not payable and treated the medical condition of the managing trustee as an explanatory circumstance for delay. Consequently the petitioner's entitlement to exemption was recognised while the court directed payment of Rs. 50,000 as a condition of relief.
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