Income Declaration Scheme declarations can evidence share-capital sources, while round-tripped funds and cash-linked credits require further verificat...
Permanent establishment tests: independent subsidiary premises and principal-to-principal dealings did not create Indian taxability for offshore suppl...
Valuation Officer estimates govern property-value additions once statutory valuation is invoked, requiring fresh consideration of objections and compa...
Waiver of written show-cause notice may prevent a later procedural challenge after participation in customs adjudication, preserving statutory appella...
Revisional jurisdiction under section 263 requires an assessment order to be both erroneous and prejudicial to Revenue interests. Revision cannot rest merely on Insight Portal information that the Assessing Officer already examined during reassessment, where the officer considered explanations and supporting evidence showing that the alleged accommodation-entry transactions did not concern the assessee. The revisional authority must identify discrepancies in the material examined or conduct further inquiry; it cannot substitute its view merely because additional inquiry was possible. Sufficient inquiry by the Assessing Officer distinguishes an impermissible review for allegedly inadequate inquiry from a valid revision based on lack of inquiry.
Revisional jurisdiction under section 263 requires an assessment order to be both erroneous and prejudicial to Revenue interests. Revision cannot rest merely on Insight Portal information that the Assessing Officer already examined during reassessment, where the officer considered explanations and supporting evidence showing that the alleged accommodation-entry transactions did not concern the assessee. The revisional authority must identify discrepancies in the material examined or conduct further inquiry; it cannot substitute its view merely because additional inquiry was possible. Sufficient inquiry by the Assessing Officer distinguishes an impermissible review for allegedly inadequate inquiry from a valid revision based on lack of inquiry.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
