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...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
In computing deduction under Section 10A, expenses excluded from export turnover must also be excluded from total turnover; otherwise the formula becomes unworkable and produces an absurd result. Applying the earlier Division Bench ruling and the Supreme Court decision in HCL Technologies, the HC answered this question in favour of the assessee. On interest disallowance relating to advances to a subsidiary, the court noted that the factual issue whether the investment had a business nexus had not been examined by the lower authorities. It therefore remitted that issue to the Assessing Officer for fresh consideration after giving the assessee an opportunity to produce material.
In computing deduction under Section 10A, expenses excluded from export turnover must also be excluded from total turnover; otherwise the formula becomes unworkable and produces an absurd result. Applying the earlier Division Bench ruling and the Supreme Court decision in HCL Technologies, the HC answered this question in favour of the assessee. On interest disallowance relating to advances to a subsidiary, the court noted that the factual issue whether the investment had a business nexus had not been examined by the lower authorities. It therefore remitted that issue to the Assessing Officer for fresh consideration after giving the assessee an opportunity to produce material.
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