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...
A lapse of over eight years in giving effect to a Tribunal remand renders proceedings to exercise reassessment powers inordinate and barred by limitation. The note explains that Section 153 was amended in 2016 to prescribe time limits for giving effect to Tribunal orders but that even under the pre amendment regime an unexplained delay of this magnitude cannot be treated as reasonable. Applying the limitation principle and prior Division Bench authority construing the statutory scheme, the article concludes that an order made after such delay cannot be lawfully passed and refunds ordered earlier must stand.
A lapse of over eight years in giving effect to a Tribunal remand renders proceedings to exercise reassessment powers inordinate and barred by limitation. The note explains that Section 153 was amended in 2016 to prescribe time limits for giving effect to Tribunal orders but that even under the pre amendment regime an unexplained delay of this magnitude cannot be treated as reasonable. Applying the limitation principle and prior Division Bench authority construing the statutory scheme, the article concludes that an order made after such delay cannot be lawfully passed and refunds ordered earlier must stand.
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