https://www.taxtmi.com/caselaws?id=31743 The Special Court's power to scale down tax liability payable in priority under section 11(2)(a) is confined to serious cases of miscarriage of justice, fraud, collusion, or gross disproportionality, and it cannot reopen completed assessment orders. A party seeking exclusion of a decretal amount from assessed income must prove a nexus with income assessed for the relevant statutory period. On the record, that nexus was not conclusively established, so the issues of duplication and whether the decrees related to oversold securities or siphoning of funds were remitted for fresh factual adjudication. The reductions of Rs. 253 crores and Rs. 101 crores were sustained because their inclusion in assessed income was not specifically disputed. en-us Wed, 03 Dec 2008 00:00:00 +0530 Thu, 21 Feb 2019 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31743 The Special Court's power to scale down tax liability payable in priority under section 11(2)(a) is confined to serious cases of miscarriage of justice, fraud, collusion, or gross disproportionality, and it cannot reopen completed assessment orders. A party seeking exclusion of a decretal amount from assessed income must prove a nexus with income assessed for the relevant statutory period. On the record, that nexus was not conclusively established, so the issues of duplication and whether the decrees related to oversold securities or siphoning of funds were remitted for fresh factual adjudication. The reductions of Rs. 253 crores and Rs. 101 crores were sustained because their inclusion in assessed income was not specifically disputed. Case-Laws Income Tax Wed, 03 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31743