Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
Reassessment procedure requires the Assessing Officer to furnish recorded reasons and decide objections to reopening by a speaking order before initiating scrutiny through a notice under section 143(2). A return filed in response to a reopening notice must be processed under the regular assessment procedure, but scrutiny cannot precede determination of jurisdictional objections. Further, no action, including a notice under section 142(1), may be taken for four weeks after service of an order rejecting objections. Notices issued contrary to these requirements, and consequential action, were quashed; the reopening challenge remained open.
Reassessment procedure requires the Assessing Officer to furnish recorded reasons and decide objections to reopening by a speaking order before initiating scrutiny through a notice under section 143(2). A return filed in response to a reopening notice must be processed under the regular assessment procedure, but scrutiny cannot precede determination of jurisdictional objections. Further, no action, including a notice under section 142(1), may be taken for four weeks after service of an order rejecting objections. Notices issued contrary to these requirements, and consequential action, were quashed; the reopening challenge remained open.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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