Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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