Timely pronouncement of reserved judgments requires defined timelines, transparency measures, and remedial pathways to protect liberty and effective j...
Settlement-price depression requires proof of manipulation, not merely short exposure, late selling, or below-market orders, preserving disclosure pen...
Income Declaration Scheme declarations can evidence share-capital sources, while round-tripped funds and cash-linked credits require further verificat...
Reassessment founded on an audit objection requires the Assessing Officer to verify the record and independently apply mind. An allegation that health and education cess had been deducted could not support reassessment where no such deduction was claimed and the audit premise was unverified. Interest on borrowed funds invested in a subsidiary must be assessed through commercial expediency from a prudent businessperson's standpoint; reassessment could not proceed where that governing principle was not distinguished on recorded facts. The reassessment notices and order were quashed.
Reassessment founded on an audit objection requires the Assessing Officer to verify the record and independently apply mind. An allegation that health and education cess had been deducted could not support reassessment where no such deduction was claimed and the audit premise was unverified. Interest on borrowed funds invested in a subsidiary must be assessed through commercial expediency from a prudent businessperson's standpoint; reassessment could not proceed where that governing principle was not distinguished on recorded facts. The reassessment notices and order were quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
