Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Reassessment following a completed scrutiny assessment was initiated on alleged inflation of Special Economic Zone export profits through non-payment of interest on partners' capital and below-market gold purchases from a sister concern. Relevant transaction particulars had been available during the original assessment, while the amended partnership deed-specifically brought to the Assessing Officer's attention-had rendered the interest-payment clause inoperative. The reopening nevertheless relied on the original deed. Objections concerning the rate and fineness of gold were also not addressed. The reassessment notice and the order rejecting objections were quashed, and the writ petition succeeded.
Reassessment following a completed scrutiny assessment was initiated on alleged inflation of Special Economic Zone export profits through non-payment of interest on partners' capital and below-market gold purchases from a sister concern. Relevant transaction particulars had been available during the original assessment, while the amended partnership deed-specifically brought to the Assessing Officer's attention-had rendered the interest-payment clause inoperative. The reopening nevertheless relied on the original deed. Objections concerning the rate and fineness of gold were also not addressed. The reassessment notice and the order rejecting objections were quashed, and the writ petition succeeded.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
