Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Reassessment against a dissolved partnership firm after its business succession is void where the Department had accepted that the firm ceased to exist and the successor proprietor disclosed and was assessed on the same business transactions and bank accounts. Assessing the erstwhile firm in these circumstances would duplicate taxation of the same business income. Jurisdiction for reassessment also requires recorded reasons identifying the relevant bank account or transaction and foundational material showing income escaped assessment; vague reasons do not meet that standard. A notice issued to a non-existent entity after succession renders the consequential assessment and estimated addition unsustainable.
Reassessment against a dissolved partnership firm after its business succession is void where the Department had accepted that the firm ceased to exist and the successor proprietor disclosed and was assessed on the same business transactions and bank accounts. Assessing the erstwhile firm in these circumstances would duplicate taxation of the same business income. Jurisdiction for reassessment also requires recorded reasons identifying the relevant bank account or transaction and foundational material showing income escaped assessment; vague reasons do not meet that standard. A notice issued to a non-existent entity after succession renders the consequential assessment and estimated addition unsustainable.
Note: It is a system-generated summary and is for quick reference only.
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