Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
A sanctioned scheme of demerger vests specified assets in the resulting companies; those vested assets cannot be attached to satisfy the tax liability of the demerged transferor. The attachment impugned was held unsustainable as it targeted property vested in a resulting company, but the tax authority remains competent to attach those vested assets independently to recover the resulting company's own Wealth Tax liability. The petitioner is protected from penal consequences while statutory appeals filed under the Wealth Tax Act remain pending. Writ petition partly allowed with liberty as stated.
A sanctioned scheme of demerger vests specified assets in the resulting companies; those vested assets cannot be attached to satisfy the tax liability of the demerged transferor. The attachment impugned was held unsustainable as it targeted property vested in a resulting company, but the tax authority remains competent to attach those vested assets independently to recover the resulting company's own Wealth Tax liability. The petitioner is protected from penal consequences while statutory appeals filed under the Wealth Tax Act remain pending. Writ petition partly allowed with liberty as stated.
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