Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
Non-participating bidders cannot disturb concluded liquidation sales on speculative prejudice, while costs for such challenges must remain proportiona...
Reassessment requires the prescribed preliminary inquiry and independent application of mind; reliance solely on external reports fails the statutory preconditions and renders initiation without jurisdiction. An approved corporate insolvency resolution plan precludes reassessment or revision of pre-effective-date claims that were not included in the plan, as such claims are frozen or extinguished under the overriding insolvency framework. Complete disclosure of relied-upon third-party statements and materials is necessary to afford a fair rebuttal opportunity; non-disclosure breaches natural justice. Reassessment must also commence within the Income-tax Act's prescribed limitation period; proceedings initiated after that period are invalid.
Reassessment requires the prescribed preliminary inquiry and independent application of mind; reliance solely on external reports fails the statutory preconditions and renders initiation without jurisdiction. An approved corporate insolvency resolution plan precludes reassessment or revision of pre-effective-date claims that were not included in the plan, as such claims are frozen or extinguished under the overriding insolvency framework. Complete disclosure of relied-upon third-party statements and materials is necessary to afford a fair rebuttal opportunity; non-disclosure breaches natural justice. Reassessment must also commence within the Income-tax Act's prescribed limitation period; proceedings initiated after that period are invalid.
Note: It is a system-generated summary and is for quick reference only.
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TaxTMI 
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