Separate business unit compliance for non-SEBI-regulated debenture trustee activities receives an extended implementation timeline amid regulatory rev...
Input Service Distributor credit rules assign eligibility, reversals and refund treatment to recipients while excluding transfer invoices from turnove...
Related-party creditor exclusion bars CoC participation where lender rights show policy-making involvement, and post-CIRP assignment cannot cure ineli...
Limited-scrutiny assessment confines the Assessing Officer's inquiry to issues selected for scrutiny unless the prescribed procedure converts it into complete scrutiny. Where scrutiny concerned high liabilities relative to income and agricultural income, loss on sale of assets lacked a nexus to those issues, and no conversion was shown. The deeming rule for inadequate inquiry or verification applies only to matters within the lawful assessment scope. Consequently, failure to examine the asset-sale loss did not render the assessment erroneous and prejudicial to Revenue; the revisional order was set aside and the assessment restored.
Limited-scrutiny assessment confines the Assessing Officer's inquiry to issues selected for scrutiny unless the prescribed procedure converts it into complete scrutiny. Where scrutiny concerned high liabilities relative to income and agricultural income, loss on sale of assets lacked a nexus to those issues, and no conversion was shown. The deeming rule for inadequate inquiry or verification applies only to matters within the lawful assessment scope. Consequently, failure to examine the asset-sale loss did not render the assessment erroneous and prejudicial to Revenue; the revisional order was set aside and the assessment restored.
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TaxTMI 
TaxTMI 
