Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
ITAT upheld invalid reassessment where the show-cause notice under the reopening procedure was not accompanied by the relied-upon material, despite the assessee's request, and held that RMS or Insight inputs did not dispense with independent verification, disclosure of material, or observance of natural justice. It further held that the appellate authority could test the legality of the reopening while hearing the reassessment appeal. Additions based on third-party seized papers, statements and loose sheets failed because the material was not properly furnished, cross-examination was denied, and the documents were uncorroborated. Section 69A was held inapplicable to alleged cash borrowing. Later-year notices were also held time-barred, so the consequential reassessments did not survive.
ITAT upheld invalid reassessment where the show-cause notice under the reopening procedure was not accompanied by the relied-upon material, despite the assessee's request, and held that RMS or Insight inputs did not dispense with independent verification, disclosure of material, or observance of natural justice. It further held that the appellate authority could test the legality of the reopening while hearing the reassessment appeal. Additions based on third-party seized papers, statements and loose sheets failed because the material was not properly furnished, cross-examination was denied, and the documents were uncorroborated. Section 69A was held inapplicable to alleged cash borrowing. Later-year notices were also held time-barred, so the consequential reassessments did not survive.
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