Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Enhanced tax on unexplained income under section 115BBE, and the linked penalty under section 271AAC, are explained as prospective only where the amendment contains no express retrospective language. The text states that the law in force on the first day of the relevant year governs assessment, and a later fiscal amendment cannot alter completed tax consequences by implication. It further notes that section 271AAC is dependent on valid application of section 115BBE, and that doubling the principal tax rate is a substantive and onerous change. On that basis, the enhanced rate was treated as applicable from 01.04.2017, not to Financial Year 2016-17.
Enhanced tax on unexplained income under section 115BBE, and the linked penalty under section 271AAC, are explained as prospective only where the amendment contains no express retrospective language. The text states that the law in force on the first day of the relevant year governs assessment, and a later fiscal amendment cannot alter completed tax consequences by implication. It further notes that section 271AAC is dependent on valid application of section 115BBE, and that doubling the principal tax rate is a substantive and onerous change. On that basis, the enhanced rate was treated as applicable from 01.04.2017, not to Financial Year 2016-17.
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