Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Co-terminus appellate powers permit a first appellate authority to remit a matter for fresh factual verification where the assessment was made ex parte and substantial documentary evidence, including ledger accounts, invoices, gate passes, weighment slips, financial statements, audit report and bank statements, requires examination. The Tribunal upheld the remand for denovo adjudication because proper verification of the sales transactions was necessary and no prejudice to the Revenue was shown. It also held that notice under section 143(2) is a mandatory precondition for a valid reassessment after a return is filed in response to section 148, and that section 292BB cannot cure a complete absence of such notice. The reassessment was therefore void and the addition was deleted.
Co-terminus appellate powers permit a first appellate authority to remit a matter for fresh factual verification where the assessment was made ex parte and substantial documentary evidence, including ledger accounts, invoices, gate passes, weighment slips, financial statements, audit report and bank statements, requires examination. The Tribunal upheld the remand for denovo adjudication because proper verification of the sales transactions was necessary and no prejudice to the Revenue was shown. It also held that notice under section 143(2) is a mandatory precondition for a valid reassessment after a return is filed in response to section 148, and that section 292BB cannot cure a complete absence of such notice. The reassessment was therefore void and the addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
