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...
Revision under section 263 was denied because the assessing officer adopted a legally permissible view in treating a 5.24% difference between stamp duty value and sale consideration as non-taxable; such a view is not "erroneous and prejudicial to the interests of revenue" and therefore cannot be reopened as a change of opinion. The article holds that statutory tolerance bands introduced by later Finance Acts (5% then 10%) should be given retrospective, beneficial construction to mitigate hardship, and hence the impugned exercise of revisional power was quashed and relief granted to the assessee.
Revision under section 263 was denied because the assessing officer adopted a legally permissible view in treating a 5.24% difference between stamp duty value and sale consideration as non-taxable; such a view is not "erroneous and prejudicial to the interests of revenue" and therefore cannot be reopened as a change of opinion. The article holds that statutory tolerance bands introduced by later Finance Acts (5% then 10%) should be given retrospective, beneficial construction to mitigate hardship, and hence the impugned exercise of revisional power was quashed and relief granted to the assessee.
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