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 153A creates two separate computational regimes for search-related reassessment: the six-year block uses the expression "immediately preceding" and excludes the search assessment year, while the extended ten-year block is computed "from the end of the assessment year" relevant to the previous year in which search is conducted. That wording requires inclusion of the search assessment year as the first year of the ten-year period. On that basis, Assessment Year 2014-15 fell outside the permissible ten-year limit where the search occurred in Financial Year 2023-24, and the notice under Section 148, with all consequential proceedings, was quashed as time-barred.
Section 153A creates two separate computational regimes for search-related reassessment: the six-year block uses the expression "immediately preceding" and excludes the search assessment year, while the extended ten-year block is computed "from the end of the assessment year" relevant to the previous year in which search is conducted. That wording requires inclusion of the search assessment year as the first year of the ten-year period. On that basis, Assessment Year 2014-15 fell outside the permissible ten-year limit where the search occurred in Financial Year 2023-24, and the notice under Section 148, with all consequential proceedings, was quashed as time-barred.
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