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...
ITAT held that the search assessment regime under section 153C is triggered by initiation of search in the case of the searched person, not by the later notice to the other person; because the search and handover of seized material occurred before 01/04/2021, the pre-amended law applied and the notice was valid. On merits, the addition based solely on seized pen drive data and Excel printouts failed because the electronic record was inadmissible for lack of valid section 65B compliance and no independent corroboration existed. The separate addition based on an unsigned third-party voucher was also deleted for want of supporting evidence and for internal inconsistency in the assessment order.
ITAT held that the search assessment regime under section 153C is triggered by initiation of search in the case of the searched person, not by the later notice to the other person; because the search and handover of seized material occurred before 01/04/2021, the pre-amended law applied and the notice was valid. On merits, the addition based solely on seized pen drive data and Excel printouts failed because the electronic record was inadmissible for lack of valid section 65B compliance and no independent corroboration existed. The separate addition based on an unsigned third-party voucher was also deleted for want of supporting evidence and for internal inconsistency in the assessment order.
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