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...
Where reassessment was initiated on the taxability of notional annual letting value of unsold flats, the Assessing Officer was required to make a focused enquiry and record a finding on that very issue. The reassessment order contained only a mechanical recital of notices and replies, with no verification, analysis or adjudication of the escapement question. Mere issue of notice did not show application of mind, and the defect was treated as a complete lack of enquiry rather than a mere inadequate enquiry. The section 263 revision was therefore upheld as the order was erroneous and prejudicial to the interests of the revenue, while the merits of the proposed addition were left open for fresh examination.
Where reassessment was initiated on the taxability of notional annual letting value of unsold flats, the Assessing Officer was required to make a focused enquiry and record a finding on that very issue. The reassessment order contained only a mechanical recital of notices and replies, with no verification, analysis or adjudication of the escapement question. Mere issue of notice did not show application of mind, and the defect was treated as a complete lack of enquiry rather than a mere inadequate enquiry. The section 263 revision was therefore upheld as the order was erroneous and prejudicial to the interests of the revenue, while the merits of the proposed addition were left open for fresh examination.
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