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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Deduction of tax at source under section 194J is not conclusive of professional income; tax authorities must independently examine the true nature of receipts before denying presumptive taxation under section 44AD. In the cited matter, the Tribunal set aside the appellate order and restored the case for fresh examination and de novo assessment because the receipts had been treated solely on the basis of the payer's TDS deduction, without an independent enquiry, and the assessee was to be given a reasonable opportunity of hearing.
Deduction of tax at source under section 194J is not conclusive of professional income; tax authorities must independently examine the true nature of receipts before denying presumptive taxation under section 44AD. In the cited matter, the Tribunal set aside the appellate order and restored the case for fresh examination and de novo assessment because the receipts had been treated solely on the basis of the payer's TDS deduction, without an independent enquiry, and the assessee was to be given a reasonable opportunity of hearing.
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