Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
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Employee travel, hospitality, conveyance, tickets, goods, and hotel boarding expenses were held to fall within the statutory heads of fringe benefits under section 115WB(1)(b) read with section 115WB(2), so the Tribunal upheld the quantum assessment on those items. The Commissioner (Appeals) was also found to have issued only a limited consequential direction to verify tax already paid and finalise computation, not an impermissible fresh remand on merits. On penalty, the Tribunal sustained cancellation under section 271(1)(d), holding that rejection of the assessee's exclusion claim in quantum proceedings did not by itself establish inaccurate particulars, following Reliance Petroproducts.
Employee travel, hospitality, conveyance, tickets, goods, and hotel boarding expenses were held to fall within the statutory heads of fringe benefits under section 115WB(1)(b) read with section 115WB(2), so the Tribunal upheld the quantum assessment on those items. The Commissioner (Appeals) was also found to have issued only a limited consequential direction to verify tax already paid and finalise computation, not an impermissible fresh remand on merits. On penalty, the Tribunal sustained cancellation under section 271(1)(d), holding that rejection of the assessee's exclusion claim in quantum proceedings did not by itself establish inaccurate particulars, following Reliance Petroproducts.
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