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...
Reopening of assessment under income tax law was challenged after a capital reduction where payment to shareholders used the securities premium account. The taxpayer produced ledger entries, share certificates, tax residence certificates, ROC registration of capital reduction and remittance proofs in response to AO queries. The commentary concludes that the taxpayer had made full and true disclosure of material facts, Explanation (1) to the reopening provision did not apply, and the reopening failed to satisfy the proviso criteria; consequently the reassessment was held invalid and the appeal allowed.
Reopening of assessment under income tax law was challenged after a capital reduction where payment to shareholders used the securities premium account. The taxpayer produced ledger entries, share certificates, tax residence certificates, ROC registration of capital reduction and remittance proofs in response to AO queries. The commentary concludes that the taxpayer had made full and true disclosure of material facts, Explanation (1) to the reopening provision did not apply, and the reopening failed to satisfy the proviso criteria; consequently the reassessment was held invalid and the appeal allowed.
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