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...
Rejection of books of account under assessment law led to estimation of income because the assessee could not satisfactorily explain cash deposits in a bank; the assessing officer concluded sales were inflated to understate firm profit, and cash receipts were not shown as explainable sales proceeds. The tribunal noted the business is wholesale beer (lower margins than liquor) and found the disclosed net profit (0.15%) inadequate; it increased the assumed net profit to 0.50% of turnover to address deficiencies and directed the assessing officer to recompute total income accordingly. Appeal partly allowed.
Rejection of books of account under assessment law led to estimation of income because the assessee could not satisfactorily explain cash deposits in a bank; the assessing officer concluded sales were inflated to understate firm profit, and cash receipts were not shown as explainable sales proceeds. The tribunal noted the business is wholesale beer (lower margins than liquor) and found the disclosed net profit (0.15%) inadequate; it increased the assumed net profit to 0.50% of turnover to address deficiencies and directed the assessing officer to recompute total income accordingly. Appeal partly allowed.
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