Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
The Tribunal treated the scrutiny as complete scrutiny because the assessment record itself showed that the case was not confined to limited scrutiny, so the objection based on CBDT Instruction No. 20/2015 failed. It also upheld denial of section 54G relief, finding no proof of sale deeds, acquisition of new assets, or actual shifting and continuation of the industrial undertaking. The disallowance of depreciation on the block of assets and the addition linked to transfer expenses in computing short-term capital gains were sustained for want of proper written down value adjustment and documentary evidence. Relief was granted only on loss on sale of fixed assets, where the reconciliation supported the assessee's computation.
The Tribunal treated the scrutiny as complete scrutiny because the assessment record itself showed that the case was not confined to limited scrutiny, so the objection based on CBDT Instruction No. 20/2015 failed. It also upheld denial of section 54G relief, finding no proof of sale deeds, acquisition of new assets, or actual shifting and continuation of the industrial undertaking. The disallowance of depreciation on the block of assets and the addition linked to transfer expenses in computing short-term capital gains were sustained for want of proper written down value adjustment and documentary evidence. Relief was granted only on loss on sale of fixed assets, where the reconciliation supported the assessee's computation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
