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...
Assessing Officer recalculated and adopted a fair market value for land at the time of its conversion into stock in trade but failed to apply that same value when computing business income and cost of acquisition, generating a mistake apparent on record. The appellate authority corrected this by treating the fair market value at conversion as the cost for subsequent business profit computation, deleting the addition. The tribunal found the appellate officer properly exercised appellate powers under the statute to rectify the evident error and upheld the appellate order, deciding against the revenue.
Assessing Officer recalculated and adopted a fair market value for land at the time of its conversion into stock in trade but failed to apply that same value when computing business income and cost of acquisition, generating a mistake apparent on record. The appellate authority corrected this by treating the fair market value at conversion as the cost for subsequent business profit computation, deleting the addition. The tribunal found the appellate officer properly exercised appellate powers under the statute to rectify the evident error and upheld the appellate order, deciding against the revenue.
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