Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Reassessment validity depends on distinct safeguards governing notice, limitation and approvals. Under section 149(1)(b), extended limitation may apply where books, documents or evidence reveal qualifying escaped income represented as an asset, relevant expenditure, or entries in books of account; these are alternative statutory categories. Digital and handwritten cash-book records may constitute books of account when supported by possession, control, corroboration and taxpayer nexus. Section 151 sanction requires genuine consideration of the reopening proposal and material, but need not contain elaborate reasons. Approval for a section 143(2) notice must precede its issuance, and contemporaneous electronic communication may establish timing despite a later postal receipt. Section 148B approval for the assessment order remains distinct from notice-stage and scrutiny-notice approvals.
Reassessment validity depends on distinct safeguards governing notice, limitation and approvals. Under section 149(1)(b), extended limitation may apply where books, documents or evidence reveal qualifying escaped income represented as an asset, relevant expenditure, or entries in books of account; these are alternative statutory categories. Digital and handwritten cash-book records may constitute books of account when supported by possession, control, corroboration and taxpayer nexus. Section 151 sanction requires genuine consideration of the reopening proposal and material, but need not contain elaborate reasons. Approval for a section 143(2) notice must precede its issuance, and contemporaneous electronic communication may establish timing despite a later postal receipt. Section 148B approval for the assessment order remains distinct from notice-stage and scrutiny-notice approvals.
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TaxTMI 
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