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...
Section 68 was held inapplicable to an addition computed by reducing actual interest on unsecured loans to a benchmark 12% and treating the differential as unexplained income. The tribunal found no fresh credit entry or unidentified creditor; lenders were known, payments routed through banking channels, and the dispute concerned reasonableness of interest - an allowability issue, not an unexplained cash credit. The Assessing Officer's substitution of a benchmark rate and mechanical addition was unsustainable. The correct remedial route is assessment of disallowable interest by adjusting capitalised interest into work in progress and recomputing taxable income. Addition under section 68 deleted and appeal allowed.
Section 68 was held inapplicable to an addition computed by reducing actual interest on unsecured loans to a benchmark 12% and treating the differential as unexplained income. The tribunal found no fresh credit entry or unidentified creditor; lenders were known, payments routed through banking channels, and the dispute concerned reasonableness of interest - an allowability issue, not an unexplained cash credit. The Assessing Officer's substitution of a benchmark rate and mechanical addition was unsustainable. The correct remedial route is assessment of disallowable interest by adjusting capitalised interest into work in progress and recomputing taxable income. Addition under section 68 deleted and appeal allowed.
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