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...
Penalty under section 271D was unsustainable because the Tribunal found that the impugned receipts were made through banking channels by cheque on the dates shown, and the lower authorities had proceeded on an incorrect assumption about the transaction year; once cheque receipts were established, no contravention of section 269SS survived. Penalty under section 271(1)(c) was also not leviable because the loss claim was based on audited accounts and related business expenditure, and mere acceptance of disallowance did not amount to furnishing inaccurate particulars. Applying Reliance Petro Products, the Tribunal deleted both penalties.
Penalty under section 271D was unsustainable because the Tribunal found that the impugned receipts were made through banking channels by cheque on the dates shown, and the lower authorities had proceeded on an incorrect assumption about the transaction year; once cheque receipts were established, no contravention of section 269SS survived. Penalty under section 271(1)(c) was also not leviable because the loss claim was based on audited accounts and related business expenditure, and mere acceptance of disallowance did not amount to furnishing inaccurate particulars. Applying Reliance Petro Products, the Tribunal deleted both penalties.
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