Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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Corporate guarantee taxability under GST was remitted for fresh assessment because the assessing authority had not properly considered the petitioner's reliance on applicable GST circulars, the contention that only 1% of turnover was taxable, and the earlier Madras HC ruling cited in support. The Court held that these aspects required examination and that the assessment could not stand on the corporate guarantee issue alone. The impugned order was therefore set aside only to that limited extent, with directions for fresh orders after hearing the petitioner and considering supporting material; all other findings were left undisturbed.
Corporate guarantee taxability under GST was remitted for fresh assessment because the assessing authority had not properly considered the petitioner's reliance on applicable GST circulars, the contention that only 1% of turnover was taxable, and the earlier Madras HC ruling cited in support. The Court held that these aspects required examination and that the assessment could not stand on the corporate guarantee issue alone. The impugned order was therefore set aside only to that limited extent, with directions for fresh orders after hearing the petitioner and considering supporting material; all other findings were left undisturbed.
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