Click Here For Best Books On Taxation & Law. Upto 60% Off On Select Titles. Free Shipping & Pay On Delivery!
 

Click Here To Subscribe To Our Free Newsletter

This section is now closed. Click here for new judgements

Home › All Judgements › Janatha Textiles vs. TRO (Supreme Court)

Janatha Textiles vs. TRO (Supreme Court)

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: May 19, 2008 (Date of publication)
AY:
FILE:
CITATION:

Held, after dismissing on merits the objections to the auction sale for recovery of arrears, that

(i) It is an established principle of law that in a third party auction, the purchaser’s interest in the auctioned property continues to be protected notwithstanding that the underlying decree is subsequently set aside or otherwise.

(ii) The law makes a clear distinction between a stranger who is a bona fide purchaser of the property at an auction sale and a decree holder purchaser at a court auction. The strangers to the decree are afforded protection by the court because they are not connected with the decree. Unless protection is extended to them the court sales would not fetch market value or fair price of the property.

Related Judgements

  1. DCIT vs. Gujarat Alkalies (Supreme Court) 

    Commitment charges paid in respect of borrowed moneys are allowable as a deduction u/s 37(1) of the Act.
  2. JCIT vs. United Phosphorus (Supreme Court) 

    The question as to whether the assessee had an option in law to claim partial depreciation in respect of any block of assets is remanded to the High Court to consider in the light of Mahendra Mills 243 ITR 56 … JCIT vs. United Phosphorus (Supreme Court) Read…
  3. DCIT vs. Core Health Care (Supreme Court) 

    (i) Interest paid in respect of borrowings on capital assets not put to use in the concerned financial year are deductible under Section 36(1)(iii) of the Act; (ii) Interest on all moneys borrowed for the purposes of business are deductible … DCIT vs. Core Health Care (Supreme Court)…
  4. CIT vs. Bilahari Investments (Supreme Court) 

    In the case of a chit fund following the ‘completed contract method of accounting’ and offering income at the end of the chit, held, approving the method: (i) Recognition/identification of income under the Act is attainable by several methods of … CIT vs. Bilahari Investments (Supreme Court) Read…
  5. Kvaerner John Brown vs. CIT (Supreme Court) 

    Jurisdiction u/s S. 143(1)(a) and 143 (1A) is confined to making “prima facie” adjustments. When there are conflicting judgments on interpretation of Section 80-O, it is not permissible to make “prima facie” adjustments u/s 143(1)(a) and consequently additional tax u/s 143(1A) is not payable.
    Read more ›