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Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
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Extended reassessment limitation in search cases requires asset-linked escaped income, invalidating additions based only on unexplained money or expen...
Enhanced tolerance band under section 43CA applies retrospectively, deleting qualifying deemed-sale additions while disputed stamp valuation requires ...
The article explains that the court preserved the petitioner's right to institute a statutory appeal, extended limitation for 30 days and granted a limited 30 day stay of the impugned detention and penalty order; if no appeal is filed the stay lapses. It directs prompt public auction of seized perishable goods with consignor permitted to participate and mandates retention of auction proceeds by the department, preferably in an interest bearing account, pending the appeal. It further authorises conditional release of the detained vehicle on payment and furnishing of a bond, all interim measures being subject to the appellate outcome.
The article explains that the court preserved the petitioner's right to institute a statutory appeal, extended limitation for 30 days and granted a limited 30 day stay of the impugned detention and penalty order; if no appeal is filed the stay lapses. It directs prompt public auction of seized perishable goods with consignor permitted to participate and mandates retention of auction proceeds by the department, preferably in an interest bearing account, pending the appeal. It further authorises conditional release of the detained vehicle on payment and furnishing of a bond, all interim measures being subject to the appellate outcome.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
