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...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
