Business expenditure and depreciation rules allow operational outgoings while limiting disallowances for personal elements and unsupported third-party...
Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
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Reassessment notices alleging fictitious or accommodation transactions must disclose material particulars and incriminating material that prima facie link the assessee to the alleged transactions. Screenshots of Case Related Information Detail, without the underlying dissemination reports or transaction details, do not provide a meaningful statutory opportunity to respond. The Assessing Officer must independently consider the dissemination material and address objections and supporting evidence. Supplying foundational material only during writ proceedings cannot cure the defect. Failure to meet these requirements resulted in quashing of the reassessment notice, the consequential order, and the subsequent notice, without remand.
Reassessment notices alleging fictitious or accommodation transactions must disclose material particulars and incriminating material that prima facie link the assessee to the alleged transactions. Screenshots of Case Related Information Detail, without the underlying dissemination reports or transaction details, do not provide a meaningful statutory opportunity to respond. The Assessing Officer must independently consider the dissemination material and address objections and supporting evidence. Supplying foundational material only during writ proceedings cannot cure the defect. Failure to meet these requirements resulted in quashing of the reassessment notice, the consequential order, and the subsequent notice, without remand.
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