Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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Reassessment initiated under an incorrect and non-operative PAN was treated as a jurisdictional defect, not a mere procedural lapse, because the assessee had disclosed the transactions under the correct PAN and the reply under section 148A was not considered before issuing notice; the proceedings were also held time-barred. On merits, cash deposits were accepted as business receipts where the books and explanation were unrebutted, and rejection of accounts solely for want of a tax audit was unjustified. The FDR investments were likewise explained from renewal of earlier deposits and the same business receipts, so the addition could not survive and double taxation of the same funds was impermissible.
Reassessment initiated under an incorrect and non-operative PAN was treated as a jurisdictional defect, not a mere procedural lapse, because the assessee had disclosed the transactions under the correct PAN and the reply under section 148A was not considered before issuing notice; the proceedings were also held time-barred. On merits, cash deposits were accepted as business receipts where the books and explanation were unrebutted, and rejection of accounts solely for want of a tax audit was unjustified. The FDR investments were likewise explained from renewal of earlier deposits and the same business receipts, so the addition could not survive and double taxation of the same funds was impermissible.
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