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...
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Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
The High Court set aside endorsements refusing cancellation of a bank guarantee taken as security for release of goods and conveyance, holding that the guarantee was meant only to secure revenue if the confiscation order was ultimately upheld. On the petitioners' uncontroverted compliance record and absence of other confiscation proceedings, the Court treated them as prima facie bona fide taxpayers and found that their conduct itself provided adequate assurance for compliance with any final order. It therefore found no justification to keep the bank guarantee alive while other disputes remained pending, directed return of the guarantees, and stated that the direction was confined to the peculiar facts and would not operate as precedent.
The High Court set aside endorsements refusing cancellation of a bank guarantee taken as security for release of goods and conveyance, holding that the guarantee was meant only to secure revenue if the confiscation order was ultimately upheld. On the petitioners' uncontroverted compliance record and absence of other confiscation proceedings, the Court treated them as prima facie bona fide taxpayers and found that their conduct itself provided adequate assurance for compliance with any final order. It therefore found no justification to keep the bank guarantee alive while other disputes remained pending, directed return of the guarantees, and stated that the direction was confined to the peculiar facts and would not operate as precedent.
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