Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
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The dominant issue is the relevant date for acquisition under section 54: the Tribunal applied the principle that actual handing over of possession (confirmed by an Occupation Certificate and possession letter) and completion of payment determine the acquisition date, not solely the date of registration. Applying that legal principle to the facts, the Tribunal found possession occurred before transfer of the original property, held the one year requirement satisfied, deleted the Assessing Officer's addition and allowed the deduction for the assessment year. (ITAT decision reflected.)
The dominant issue is the relevant date for acquisition under section 54: the Tribunal applied the principle that actual handing over of possession (confirmed by an Occupation Certificate and possession letter) and completion of payment determine the acquisition date, not solely the date of registration. Applying that legal principle to the facts, the Tribunal found possession occurred before transfer of the original property, held the one year requirement satisfied, deleted the Assessing Officer's addition and allowed the deduction for the assessment year. (ITAT decision reflected.)
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