Provisional attachment fails without material showing likely concealment, transfer, or dealing that could frustrate confiscation of mortgaged property...
Works-contract goods transfers remain outside service tax, while qualifying lift irrigation works receive exemption and extended limitation cannot app...
Customs assessment information portal centralises rulings and guidance to promote consistent classification, valuation, transparency and informed comp...
Composite show-cause notices spanning multiple financial years are jurisdictionally invalid, allowing writ review despite an alternative appellate rem...
For assessment year 2011-12, subsequently introduced share-premium taxation and the proviso requiring explanation of a resident shareholder's source of funds do not apply retrospectively. Share receipts must instead be tested under section 68 as then in force. Although an assessee has no automatic obligation to prove the source of source, the investor's bank trail, financial capacity, control of funds and surrounding circumstances remain relevant to creditworthiness and genuineness. Where a composite receipt includes share capital, premium, application money and investment-sale consideration, each component requires separate verification. Corporate and banking records are relevant but not conclusive; review should cover investor capacity, antecedent credits, valuation, underlying investments and commercial rationale.
For assessment year 2011-12, subsequently introduced share-premium taxation and the proviso requiring explanation of a resident shareholder's source of funds do not apply retrospectively. Share receipts must instead be tested under section 68 as then in force. Although an assessee has no automatic obligation to prove the source of source, the investor's bank trail, financial capacity, control of funds and surrounding circumstances remain relevant to creditworthiness and genuineness. Where a composite receipt includes share capital, premium, application money and investment-sale consideration, each component requires separate verification. Corporate and banking records are relevant but not conclusive; review should cover investor capacity, antecedent credits, valuation, underlying investments and commercial rationale.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
