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...
The Tribunal held that the extended period of limitation could not be invoked because the appellant had furnished records, the department knew of the takeover and examined the documents, and suppression or fraud was not established; the duty demand was therefore time-barred. It further held that the area-based exemption was wrongly denied, since the notification did not prohibit manufacture of new products, expansion with new machinery, shifting of the unit within the eligible area, or transfer of ownership. Statements recorded under section 14 were inadmissible because the section 9D procedure was not followed, and the penalties under rules 25 and 26 also failed for want of the required factual findings.
The Tribunal held that the extended period of limitation could not be invoked because the appellant had furnished records, the department knew of the takeover and examined the documents, and suppression or fraud was not established; the duty demand was therefore time-barred. It further held that the area-based exemption was wrongly denied, since the notification did not prohibit manufacture of new products, expansion with new machinery, shifting of the unit within the eligible area, or transfer of ownership. Statements recorded under section 14 were inadmissible because the section 9D procedure was not followed, and the penalties under rules 25 and 26 also failed for want of the required factual findings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
