Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Reopening under amended Section 147 failed where the Assessing Officer relied only on high-value bank credits and debits already recorded in the books and audited accounts. The Court held that mere volume of inter-group loan transactions, without tangible material showing escapement of income, could not justify reassessment; absence of an NBFC licence and non-charging of interest were also irrelevant on the facts. It further held that the final Section 148A order could not rest on an M2M loss allegation or bullion purchase allegation when no prior opportunity was given and no supporting material was cited. The notices under Section 148 and the orders under Section 148A(3) were quashed.
Reopening under amended Section 147 failed where the Assessing Officer relied only on high-value bank credits and debits already recorded in the books and audited accounts. The Court held that mere volume of inter-group loan transactions, without tangible material showing escapement of income, could not justify reassessment; absence of an NBFC licence and non-charging of interest were also irrelevant on the facts. It further held that the final Section 148A order could not rest on an M2M loss allegation or bullion purchase allegation when no prior opportunity was given and no supporting material was cited. The notices under Section 148 and the orders under Section 148A(3) were quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
