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...
Sanction for reopening was held invalid where the competent authority merely affixed rubber-stamp endorsements such as "Yes I am satisfied" without showing independent application of mind. The Tribunal treated the approval requirement under section 151 as a substantive safeguard, and applied the principles in S. Goyanka Lime & Chemical and Pioneer Town Planners to hold that mechanical sanction cannot validate reassessment. As the notices under section 148 were issued on the basis of such defective approval, they were bad in law and the consequential reassessment orders for the relevant assessment years were quashed.
Sanction for reopening was held invalid where the competent authority merely affixed rubber-stamp endorsements such as "Yes I am satisfied" without showing independent application of mind. The Tribunal treated the approval requirement under section 151 as a substantive safeguard, and applied the principles in S. Goyanka Lime & Chemical and Pioneer Town Planners to hold that mechanical sanction cannot validate reassessment. As the notices under section 148 were issued on the basis of such defective approval, they were bad in law and the consequential reassessment orders for the relevant assessment years were quashed.
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