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...
Whether a disallowance for failure to deduct tax at source could apply to payments by a charitable trust whose receipts were assessed under 'income from other sources' was decided by the ITAT. The tribunal held that the Finance Act, 2017 amendment (effective 01.04.2018) extends the mechanics of disallowance provisions to income from other sources only from that date; therefore, prior to 01.04.2018 an assessing officer could not invoke those disallowance provisions against such receipts. The AO's disallowance was deleted and the assessee's appeal was allowed, with reliance on an earlier ITAT precedent reaching the same conclusion.
Whether a disallowance for failure to deduct tax at source could apply to payments by a charitable trust whose receipts were assessed under 'income from other sources' was decided by the ITAT. The tribunal held that the Finance Act, 2017 amendment (effective 01.04.2018) extends the mechanics of disallowance provisions to income from other sources only from that date; therefore, prior to 01.04.2018 an assessing officer could not invoke those disallowance provisions against such receipts. The AO's disallowance was deleted and the assessee's appeal was allowed, with reliance on an earlier ITAT precedent reaching the same conclusion.
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