Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Page of 4794
Press 'Enter' after typing page number.
401 to 420 of 95875 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
A company sold as a going concern in liquidation was treated as acquired on a clean slate basis, so past liabilities and investigations stood extinguished under the insolvency framework. The High Court applied the settled principle from insolvency sale jurisprudence and held that reopening could not proceed on that footing. It also found the reassessment to be based on an unverified assumption that interest deduction might have been claimed, despite the company's explanation that no such deduction was taken and the matter was verifiable from the accounts. As the AO acted on surmises rather than examined material, the notice and the order under Section 148A(d) were quashed.
A company sold as a going concern in liquidation was treated as acquired on a clean slate basis, so past liabilities and investigations stood extinguished under the insolvency framework. The High Court applied the settled principle from insolvency sale jurisprudence and held that reopening could not proceed on that footing. It also found the reassessment to be based on an unverified assumption that interest deduction might have been claimed, despite the company's explanation that no such deduction was taken and the matter was verifiable from the accounts. As the AO acted on surmises rather than examined material, the notice and the order under Section 148A(d) were quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
