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...
Where a scrutiny assessment under section 143(3) expressly accepted the returned income and made no addition or disallowance, the computation sheet could not override the assessment order. Once the regular assessment was completed, the earlier intimation under section 143(1) merged into it and lost independent existence, so the Assessing Officer could not rely on that earlier adjustment to justify a higher assessed income. The Tribunal further held that revising total income on these facts was not a mistake apparent from the record but a substantive re-determination of income, making section 154 unavailable. The rectification order was therefore unsustainable and the income had to remain as determined in the scrutiny assessment.
Where a scrutiny assessment under section 143(3) expressly accepted the returned income and made no addition or disallowance, the computation sheet could not override the assessment order. Once the regular assessment was completed, the earlier intimation under section 143(1) merged into it and lost independent existence, so the Assessing Officer could not rely on that earlier adjustment to justify a higher assessed income. The Tribunal further held that revising total income on these facts was not a mistake apparent from the record but a substantive re-determination of income, making section 154 unavailable. The rectification order was therefore unsustainable and the income had to remain as determined in the scrutiny assessment.
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