Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
Commercial property status protects capital-gains exemption when residential-house ownership limits are tested, while agricultural-land character gove...
Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
Valid information for reassessment must point to income that escaped tax, not receipts disclosed, accounted for and taxed by the resulting company following a corporate demerger. Transactions appearing under the demerged entity's PAN because tax was deducted in its name before demerger sanction do not, without more, establish escapement. The extended reassessment period applies only where books, documents or evidence reveal previously undisclosed income meeting the prescribed threshold; material requiring only correlation of already disclosed transactions is insufficient. On these grounds, reassessment for the relevant assessment year was set aside as unsupported by valid information and time-barred.
Valid information for reassessment must point to income that escaped tax, not receipts disclosed, accounted for and taxed by the resulting company following a corporate demerger. Transactions appearing under the demerged entity's PAN because tax was deducted in its name before demerger sanction do not, without more, establish escapement. The extended reassessment period applies only where books, documents or evidence reveal previously undisclosed income meeting the prescribed threshold; material requiring only correlation of already disclosed transactions is insufficient. On these grounds, reassessment for the relevant assessment year was set aside as unsupported by valid information and time-barred.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
