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...
Completed auction sales of timber before 1 July 2017 remained governed by the contractual terms and the pre-GST tax regime. The High Court held that the sale was completed on the auction dates, so the purchaser's tax liability became fixed then under the accepted contract terms requiring payment of the sale price along with Forest Development Tax and Sales Tax in force at that time. The later GST regime did not substitute that liability, because the extended payment period did not postpone completion of sale and Section 64-A of the Sale of Goods Act was excluded by the contract's contrary intention. The purchaser was therefore bound to pay the balance amount, pre-GST taxes, and contractual interest; the petition was dismissed.
Completed auction sales of timber before 1 July 2017 remained governed by the contractual terms and the pre-GST tax regime. The High Court held that the sale was completed on the auction dates, so the purchaser's tax liability became fixed then under the accepted contract terms requiring payment of the sale price along with Forest Development Tax and Sales Tax in force at that time. The later GST regime did not substitute that liability, because the extended payment period did not postpone completion of sale and Section 64-A of the Sale of Goods Act was excluded by the contract's contrary intention. The purchaser was therefore bound to pay the balance amount, pre-GST taxes, and contractual interest; the petition was dismissed.
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