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...
Entitlement to input tax credit was upheld despite limitation under the former provision because a retrospective amendment inserting Section 16(5) governs eligibility; accordingly, assessment orders that denied ITC solely on limitation grounds are quashed insofar as claims fall within the period prescribed by Section 16(5) and the respondent is restrained from initiating proceedings based only on limitation. Petitioners may apply separately for refund and the Department must decide on merits. Bank accounts frozen under the impugned order must be defrozen and amounts collected may be refunded or adjusted in tax ledgers. The Department retains liberty to pursue cases on merits where fraudulent, wrong or excess ITC claims are alleged.
Entitlement to input tax credit was upheld despite limitation under the former provision because a retrospective amendment inserting Section 16(5) governs eligibility; accordingly, assessment orders that denied ITC solely on limitation grounds are quashed insofar as claims fall within the period prescribed by Section 16(5) and the respondent is restrained from initiating proceedings based only on limitation. Petitioners may apply separately for refund and the Department must decide on merits. Bank accounts frozen under the impugned order must be defrozen and amounts collected may be refunded or adjusted in tax ledgers. The Department retains liberty to pursue cases on merits where fraudulent, wrong or excess ITC claims are alleged.
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