“Section 6(18)”
The decision most relied on for Section 6(18) is Shivsagar Veg Restaurant v. ACIT (317 ITR 433), cited in 202 judgments on BharatTax.
Leading authorities on Section 6(18)
Orders that are inordinately delayed are liable to be recalled and heard afresh, and the Appellate Tribunal President should frame guidelines for timely disposal of appeals.
The Insolvency and Bankruptcy Code (IBC) overrides other laws, including the Income Tax Act, due to its non-obstante clause in Section 238. Proceedings initiated against a corporate debtor undergoing insolvency are prohibited under Section 14 of the IBC.
Where excess stock is found during a search, the benefit of telescoping may be allowed if additions for unrecorded sales have already been sustained and there is no evidence of other income sources.
Entries in an assessee's books of accounts constitute an acknowledgement of liability under Section 18 of the Limitation Act, 1963, thereby extending the period for discharging the debt.
