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...
Professional fees paid for services linked to imports from OFAC-restricted Iranian-origin goods were held allowable under section 37(1) because the assessee proved the recipient's identity, genuineness of payment, and banking trail, while the payee confirmed the transactions and disclosed them in its tax records. The Tribunal accepted that the services addressed abnormal remittance delays caused by OFAC-related banking scrutiny, and that comparative material showed improved payment cycles, turnover, and profits after the services were used. Revenue's disallowance failed because it relied on suspicion without independent enquiry or evidence that the services were nonexistent or that payments were returned.
Professional fees paid for services linked to imports from OFAC-restricted Iranian-origin goods were held allowable under section 37(1) because the assessee proved the recipient's identity, genuineness of payment, and banking trail, while the payee confirmed the transactions and disclosed them in its tax records. The Tribunal accepted that the services addressed abnormal remittance delays caused by OFAC-related banking scrutiny, and that comparative material showed improved payment cycles, turnover, and profits after the services were used. Revenue's disallowance failed because it relied on suspicion without independent enquiry or evidence that the services were nonexistent or that payments were returned.
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