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...
Section 74 proceedings require a clear and express allegation of fraud, wilful misstatement, suppression of facts or intention to evade tax in the show cause notice or order. Mere disclosure of unreported transactions during inspection is insufficient, and the assessee must be specifically put on notice of the offending conduct. Where tax had already been paid before notice and the notice and impugned order contained no such allegation, the proceedings under Section 74 were unsustainable. The impugned orders were set aside and the matter remanded, with liberty to proceed afresh under Section 73 or issue a fresh notice under Section 74 if warranted.
Section 74 proceedings require a clear and express allegation of fraud, wilful misstatement, suppression of facts or intention to evade tax in the show cause notice or order. Mere disclosure of unreported transactions during inspection is insufficient, and the assessee must be specifically put on notice of the offending conduct. Where tax had already been paid before notice and the notice and impugned order contained no such allegation, the proceedings under Section 74 were unsustainable. The impugned orders were set aside and the matter remanded, with liberty to proceed afresh under Section 73 or issue a fresh notice under Section 74 if warranted.
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