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...
Strict res judicata does not apply in income-tax proceedings, but the Revenue cannot depart from an earlier accepted position on identical facts without a material change in fact or law, and appellate authorities may entertain claims raised through notes to the return where the material is already on record; CBDT instructions cannot override the Act. Actuarially determined pension and employee-benefit provisions were treated as ascertained liabilities deductible under section 37(1), while leave encashment remained allowable only on actual payment. The Tribunal also applied real income principles in deleting additions on NPA interest and allowed valuation of bank securities at lower of cost or market value on a scrip-wise basis. Several other claims were remanded for verification, and some disallowances were upheld or rejected on settled precedent.
Strict res judicata does not apply in income-tax proceedings, but the Revenue cannot depart from an earlier accepted position on identical facts without a material change in fact or law, and appellate authorities may entertain claims raised through notes to the return where the material is already on record; CBDT instructions cannot override the Act. Actuarially determined pension and employee-benefit provisions were treated as ascertained liabilities deductible under section 37(1), while leave encashment remained allowable only on actual payment. The Tribunal also applied real income principles in deleting additions on NPA interest and allowed valuation of bank securities at lower of cost or market value on a scrip-wise basis. Several other claims were remanded for verification, and some disallowances were upheld or rejected on settled precedent.
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