Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Government securities held by a bank as stock-in-trade may be valued at cost or market value, whichever is lower. A consistently and regularly adopted valuation method cannot be displaced merely because the tax department prefers another method, supporting depreciation on such securities. Brokerage expenditure was allowable after the assessing authority accepted the claim on remand. Unclaimed bank balances do not constitute remission or cessation of a trading liability merely because customers have not claimed them; the bank's legal liability continues and the balances are not taxable on that basis. The departmental appeals were dismissed.
Government securities held by a bank as stock-in-trade may be valued at cost or market value, whichever is lower. A consistently and regularly adopted valuation method cannot be displaced merely because the tax department prefers another method, supporting depreciation on such securities. Brokerage expenditure was allowable after the assessing authority accepted the claim on remand. Unclaimed bank balances do not constitute remission or cessation of a trading liability merely because customers have not claimed them; the bank's legal liability continues and the balances are not taxable on that basis. The departmental appeals were dismissed.
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TaxTMI 
TaxTMI 
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