Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Reopening a completed scrutiny assessment beyond four years requires escapement of income to be attributable to the assessee's failure to disclose fully and truly all material facts. Where the immovable-property sale, sale consideration and explanation for the additional stamp-duty value were examined and disclosed in the original assessment, the recorded reasons must identify a material fact withheld by the assessee. A later different view on the same material, including the applicability of the stamp-duty valuation provision, amounts to a change of opinion and cannot meet the jurisdictional condition. The reassessment notice and consequential proceedings were therefore quashed.
Reopening a completed scrutiny assessment beyond four years requires escapement of income to be attributable to the assessee's failure to disclose fully and truly all material facts. Where the immovable-property sale, sale consideration and explanation for the additional stamp-duty value were examined and disclosed in the original assessment, the recorded reasons must identify a material fact withheld by the assessee. A later different view on the same material, including the applicability of the stamp-duty valuation provision, amounts to a change of opinion and cannot meet the jurisdictional condition. The reassessment notice and consequential proceedings were therefore quashed.
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