Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Reassessment proceedings under section 147 are confined to bringing escaped or under-assessed income to tax and cannot be used by an assessee to reopen a concluded matter or withdraw income voluntarily offered in the original return. Where the income had been disclosed under section 139(1), a return filed in response to section 148 could not be used to reduce assessed house property income or obtain review of the original position. The addition was sustained, the merits of the ownership-based explanation were left open as academic, and the appellate order was upheld.
Reassessment proceedings under section 147 are confined to bringing escaped or under-assessed income to tax and cannot be used by an assessee to reopen a concluded matter or withdraw income voluntarily offered in the original return. Where the income had been disclosed under section 139(1), a return filed in response to section 148 could not be used to reduce assessed house property income or obtain review of the original position. The addition was sustained, the merits of the ownership-based explanation were left open as academic, and the appellate order was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
