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...
Board circulars are binding on the Department; beneficial clarifications apply retrospectively while adverse clarifications operate prospectively, so clearances made under CBEC Circular No.924/2010 cannot be subjected to retrospective duty for the pre-15.05.2014 period and that demand is unsustainable. Extended limitation for post-15.05.2014 recovery requires fraud, suppression or wilful misstatement, which the Department failed to establish, rendering the post-15.05.2014 demand time barred. Consequential penalties under penalty provisions are set aside where the duty demand fails and no deliberate contumacious conduct is shown. Recovery under the statute for amounts collected is remanded only for limited verification and appropriation of any shortfall.
Board circulars are binding on the Department; beneficial clarifications apply retrospectively while adverse clarifications operate prospectively, so clearances made under CBEC Circular No.924/2010 cannot be subjected to retrospective duty for the pre-15.05.2014 period and that demand is unsustainable. Extended limitation for post-15.05.2014 recovery requires fraud, suppression or wilful misstatement, which the Department failed to establish, rendering the post-15.05.2014 demand time barred. Consequential penalties under penalty provisions are set aside where the duty demand fails and no deliberate contumacious conduct is shown. Recovery under the statute for amounts collected is remanded only for limited verification and appropriation of any shortfall.
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