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 initiated beyond four years requires failure by the assessee to disclose fully and truly all material facts relating to the recorded escapement of income. Explanation 3 to section 147 permits assessment of other escaped income discovered during valid reassessment proceedings, but does not expand the jurisdictional basis for reopening or sustain proceedings when no addition is made on either recorded ground. Where the recorded reasons yield no addition and the requisite failure of disclosure is not established, the reopening lacks jurisdiction. The reassessment was quashed, and the Revenue's appeal was dismissed.
Reassessment initiated beyond four years requires failure by the assessee to disclose fully and truly all material facts relating to the recorded escapement of income. Explanation 3 to section 147 permits assessment of other escaped income discovered during valid reassessment proceedings, but does not expand the jurisdictional basis for reopening or sustain proceedings when no addition is made on either recorded ground. Where the recorded reasons yield no addition and the requisite failure of disclosure is not established, the reopening lacks jurisdiction. The reassessment was quashed, and the Revenue's appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
