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...
Reassessment after four years may proceed where a taxpayer credits a waived retired partner's capital balance but claims its exclusion from taxable income without disclosing supporting facts or the basis of non-taxability. The material states that such omission can amount to failure of full and true disclosure, and recorded reasons need only show a live link to a prima facie belief of escaped income; reassessment was sustained. On taxability, the taxpayer must substantiate the account composition, conversion to unsecured loan, retirement arrangement and waiver, while the assessing authority must identify the charging provision and give reasons. The addition was remanded for de novo, reasoned determination.
Reassessment after four years may proceed where a taxpayer credits a waived retired partner's capital balance but claims its exclusion from taxable income without disclosing supporting facts or the basis of non-taxability. The material states that such omission can amount to failure of full and true disclosure, and recorded reasons need only show a live link to a prima facie belief of escaped income; reassessment was sustained. On taxability, the taxpayer must substantiate the account composition, conversion to unsecured loan, retirement arrangement and waiver, while the assessing authority must identify the charging provision and give reasons. The addition was remanded for de novo, reasoned determination.
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