Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Reopening of assessment was examined on the basis of incorrect facts, borrowed satisfaction and an uncorroborated search statement. The Tribunal noted that the recorded reasons wrongly stated that share premium had been received and even identified entities that had not been allotted shares, showing non-application of mind by the Assessing Officer. It further held that reopening could not rest only on the director's statement without supporting material, consistent with CBDT instructions discouraging additions based solely on confession. On that basis, the notice for reopening and the consequential reassessment were quashed, and the jurisdictional challenge was allowed.
Reopening of assessment was examined on the basis of incorrect facts, borrowed satisfaction and an uncorroborated search statement. The Tribunal noted that the recorded reasons wrongly stated that share premium had been received and even identified entities that had not been allotted shares, showing non-application of mind by the Assessing Officer. It further held that reopening could not rest only on the director's statement without supporting material, consistent with CBDT instructions discouraging additions based solely on confession. On that basis, the notice for reopening and the consequential reassessment were quashed, and the jurisdictional challenge was allowed.
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