Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
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.
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