Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Audit report-based adjustment was permissible in prima facie processing where Clause 21(h) of Form 3CD disclosed a quantified section 14A disallowance not fully reflected in the return, because the amended processing provision allows such a limited adjustment; the jurisdictional challenge therefore failed for A.Y. 2022-23. Rectification that later enhanced liability on the same issue was invalid for A.Y. 2021-22, because section 154 requires notice, a reasonable opportunity of hearing, and proper consideration of the assessee's reply before increasing liability. On merits, the section 14A disallowance for both years was restricted to the amount already offered, since part of the reported figure had already been disallowed in computation and a larger disallowance could not be made without the required recorded dissatisfaction.
Audit report-based adjustment was permissible in prima facie processing where Clause 21(h) of Form 3CD disclosed a quantified section 14A disallowance not fully reflected in the return, because the amended processing provision allows such a limited adjustment; the jurisdictional challenge therefore failed for A.Y. 2022-23. Rectification that later enhanced liability on the same issue was invalid for A.Y. 2021-22, because section 154 requires notice, a reasonable opportunity of hearing, and proper consideration of the assessee's reply before increasing liability. On merits, the section 14A disallowance for both years was restricted to the amount already offered, since part of the reported figure had already been disallowed in computation and a larger disallowance could not be made without the required recorded dissatisfaction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
