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...
Penalty under section 271D was held impermissible while the assessment order was under challenge before a statutory appellate forum; the court reasoned that penalty proceedings should be kept in abeyance pending the outcome of quantum proceedings and accordingly set aside the impugned penalty order. The court relied on prior precedent to conclude that initiation or finalisation of penalty proceedings during subsistence of a quantum appeal defeats orderly adjudication; consequence: penalty order dated 9 December 2025 was quashed and penalty proceedings directed to be stayed until the quantum appeal is decided.
Penalty under section 271D was held impermissible while the assessment order was under challenge before a statutory appellate forum; the court reasoned that penalty proceedings should be kept in abeyance pending the outcome of quantum proceedings and accordingly set aside the impugned penalty order. The court relied on prior precedent to conclude that initiation or finalisation of penalty proceedings during subsistence of a quantum appeal defeats orderly adjudication; consequence: penalty order dated 9 December 2025 was quashed and penalty proceedings directed to be stayed until the quantum appeal is decided.
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