Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002 ( SARAESI ,Act )
S. 13: Enforcement of security interest – Unregistered lease agreement- Monthly tenant – Mortgage – Tenant cannot object to eviction without establishing that Tenancy was created before Mortgage- Alternative remedy – Writ is not maintainale – Appeal is allowed . [ S.13(2) , 13(4),14,17(4A), 18 , 35, Transfer of Properrty Act, 1882, S. 65A, Art. 132, 226 , 227 ]
S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Central Circle – Notice issued by jurisdictional Assessing Officer (JAO ) rather than the Faceless Assessment Officer (FAO)- Notice and consequential order under section 148A(d) is quashed and set aside – Liberty is granted to the Revenue to seek revival if the Supreme Court later reverses the decision in Hexaware Technologies Ltd . [ S. 148 , 148A(b), 148A(d) , 151A Art , 226 ]
S. 271(1)(c) : Penalty – Concealment – Notice must specify the charge – Notice must be precise and there should be no room for ambiguity – Veena Estate (P.) Ltd v. CIT [2024] 158 taxmann.com 341/ 461 ITR 483 (Bom)( HC) , distinguished- Order of Tribunal is affirmed .[ S. 260A ]
S. 2(22)(e): Deemed Dividend – Advance received from closely held company by its shareholder – Holding more than 10% -Commercial transaction – Not assessable as deemed dividend .
Companies Act , 2013 .
S. 2(62): One person company – The separate legal personality and limited liability shield of an One Person Company (OPC) under Indian corporate law- The separate legal personality and limited liability shield of an OPC under Indian corporate law- Set aside the direction of the Arbitration Tribunal against Mr Savan Prasad . [ S. 3(1) , Arbitration and Conciliation Act , 1996, S. 17, 37(2)(b) ]
S. 271(1)(c) : Penalty-Concealment-Estimate of income-Estimation of rate of NP on gross receipts-Rejection of books of account-Penalty is deleted.[S. 145]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Reimbursement of expenditure on account of Employee Stock Option Plan (ESOP) costs incurred by holding company-Allowable as deduction-Revision order is quashed.[S. 37(1)]
S. 254(1) : Appellate Tribunal-Powers-Additional claim-Not made through revised return of income-Restrictions does not apply to appellate authorities. [S. 139]
S. 251 : Appeal-Commissioner (Appeals)-Powers-Survey-Surrender of income-No effective disposal of appeal-Matter remanded to the file of the CIT(A).[S. 69 to 69D, 115BBE, 133A]
S. 220 : Collection and recovery-Assessee deemed in default-Seized cash-Adjustment-Notice of demand dated 30-12-2016-Cash adjusted on 21-3-2018-Cash seized was available with the Department-Interest cannot be charged. [S. 132B]