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...
Reopening of assessment failed because the sanction under section 151 was mechanical and not granted with application of mind by the competent authority. The approving authority merely recorded that it was a fit case for issuing notice under section 148, without proper particulars such as the date of approval or any meaningful consideration of the proposal. Following settled law that such perfunctory approval is invalid, the ITAT held that the statutory precondition for reopening was not met. Accordingly, the entire reassessment proceedings were quashed.
Reopening of assessment failed because the sanction under section 151 was mechanical and not granted with application of mind by the competent authority. The approving authority merely recorded that it was a fit case for issuing notice under section 148, without proper particulars such as the date of approval or any meaningful consideration of the proposal. Following settled law that such perfunctory approval is invalid, the ITAT held that the statutory precondition for reopening was not met. Accordingly, the entire reassessment proceedings were quashed.
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