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...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Telescoping was accepted on the basis of surplus funds from earlier assessment years, so the sustained additions for shortage of funds in AY 2000-01 and for undisclosed income and vehicle investment in AY 2002-03 did not survive. For AY 2002-03, the capital gains addition was confined to the assessee's own computation because the higher figure in the appellate order was treated as an inadvertent error. The deduction claim under section 54 was rejected for want of substantiation.
Telescoping was accepted on the basis of surplus funds from earlier assessment years, so the sustained additions for shortage of funds in AY 2000-01 and for undisclosed income and vehicle investment in AY 2002-03 did not survive. For AY 2002-03, the capital gains addition was confined to the assessee's own computation because the higher figure in the appellate order was treated as an inadvertent error. The deduction claim under section 54 was rejected for want of substantiation.
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