Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
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Reassessment based on inapplicable information is examined where recorded reasons allege manipulated share transactions involving capital gains or losses, but the taxpayer's actual transaction was an intraday share trade with disclosed business profit. The notes state that, where the alleged transactions do not exist in the taxpayer's case and the disclosed profit remains below the reopening threshold cited in the reasons, the factual foundation for reopening fails. They further note that a Tribunal order quashing such reassessment was not interfered with because no substantial question of law arose from those factual findings.
Reassessment based on inapplicable information is examined where recorded reasons allege manipulated share transactions involving capital gains or losses, but the taxpayer's actual transaction was an intraday share trade with disclosed business profit. The notes state that, where the alleged transactions do not exist in the taxpayer's case and the disclosed profit remains below the reopening threshold cited in the reasons, the factual foundation for reopening fails. They further note that a Tribunal order quashing such reassessment was not interfered with because no substantial question of law arose from those factual findings.
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