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...
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For valid reassessment the assessing officer must record a belief based on objective, specific and reliable material that has a live nexus to escapement of income; reliance on unverified information from an investigation unit or on borrowed satisfaction reduces belief to mere suspicion and invalidates reopening. Independent application of mind and preliminary enquiries are required before issuing notices under reassessment provisions. Separately, mere inter company fund rotations and receipt of share application money do not automatically constitute taxable income or unexplained credits where documentary support (investors' financials, ITRs, bank statements, confirmations) shows capital receipts; treating such transactions as unexplained under the unexplained credit principle is unsustainable.
For valid reassessment the assessing officer must record a belief based on objective, specific and reliable material that has a live nexus to escapement of income; reliance on unverified information from an investigation unit or on borrowed satisfaction reduces belief to mere suspicion and invalidates reopening. Independent application of mind and preliminary enquiries are required before issuing notices under reassessment provisions. Separately, mere inter company fund rotations and receipt of share application money do not automatically constitute taxable income or unexplained credits where documentary support (investors' financials, ITRs, bank statements, confirmations) shows capital receipts; treating such transactions as unexplained under the unexplained credit principle is unsustainable.
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