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...
Assessee successfully met the initial burden to prove identity, creditworthiness and genuineness of unexplained cash credits from an investor company; the AO failed to make independent enquiries or produce contrary material, so additions under section 68 were deleted. Assessee's claim of agricultural income, previously accepted in an earlier year and supported by ownership of agricultural land, was held genuine and the related addition was deleted. Assessee also satisfied factual conditions for long term capital gains by acquiring shares through preferential allotment, paying by account payee cheques, holding for requisite period and selling on a recognised stock exchange with STT paid; denial of section 10(38) benefit was reversed.
Assessee successfully met the initial burden to prove identity, creditworthiness and genuineness of unexplained cash credits from an investor company; the AO failed to make independent enquiries or produce contrary material, so additions under section 68 were deleted. Assessee's claim of agricultural income, previously accepted in an earlier year and supported by ownership of agricultural land, was held genuine and the related addition was deleted. Assessee also satisfied factual conditions for long term capital gains by acquiring shares through preferential allotment, paying by account payee cheques, holding for requisite period and selling on a recognised stock exchange with STT paid; denial of section 10(38) benefit was reversed.
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