Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
A reassessment cannot be sustained where the deduction claim was specifically examined and accepted in the original scrutiny assessment, because reopening on the same material is a mere change of opinion, even within four years. The recorded reasons also failed on merits: the proposed set-off of ineligible-unit losses before allowing the deduction was contrary to the Supreme Court's ruling in Yokogawa India Ltd., the foreign-exchange realisation condition was not applicable for the relevant year, and the objection that the claim was not made in the designated schedule was untenable because the claim was disclosed and explained during assessment. The notice, objection order, draft assessment order and consequential proceedings were quashed.
A reassessment cannot be sustained where the deduction claim was specifically examined and accepted in the original scrutiny assessment, because reopening on the same material is a mere change of opinion, even within four years. The recorded reasons also failed on merits: the proposed set-off of ineligible-unit losses before allowing the deduction was contrary to the Supreme Court's ruling in Yokogawa India Ltd., the foreign-exchange realisation condition was not applicable for the relevant year, and the objection that the claim was not made in the designated schedule was untenable because the claim was disclosed and explained during assessment. The notice, objection order, draft assessment order and consequential proceedings were quashed.
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