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...
Section 153C could not be invoked where the satisfaction note relied only on documents said to belong to the assessee but did not show that they were incriminating or relevant to the assessment year in question; the proceedings were therefore invalid. On the taxability of the land sale, a solitary sale of agricultural land was not treated as an adventure in the nature of trade, and rural agricultural land outside section 2(14)(iii) remained outside the capital asset definition. The Revenue could not convert the transaction into business income merely by referring to the purchaser's later non-agricultural use of the land. The addition was held unsustainable.
Section 153C could not be invoked where the satisfaction note relied only on documents said to belong to the assessee but did not show that they were incriminating or relevant to the assessment year in question; the proceedings were therefore invalid. On the taxability of the land sale, a solitary sale of agricultural land was not treated as an adventure in the nature of trade, and rural agricultural land outside section 2(14)(iii) remained outside the capital asset definition. The Revenue could not convert the transaction into business income merely by referring to the purchaser's later non-agricultural use of the land. The addition was held unsustainable.
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