Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Reopening of assessment u/s 147 - Penny stock transaction - It is settled law that sufficiency or adequacy of the reasons for the issuance of the notice for reopening of the assessment is not required to be gone into at this stage of the reopening. It can never be said that the final outcome of the proceedings has been derived at by the authority by issuing a notice for reopening. - if the AO was satisfied to harbour reasons to believe that there was escapement of income and if on such basis, he has exercised his powers u/s 147, 148 of the Income Tax Act, 1961, no fault can be found. - HC
Reopening of assessment u/s 147 - Penny stock transaction - It is settled law that sufficiency or adequacy of the reasons for the issuance of the notice for reopening of the assessment is not required to be gone into at this stage of the reopening. It can never be said that the final outcome of the proceedings has been derived at by the authority by issuing a notice for reopening. - if the AO was satisfied to harbour reasons to believe that there was escapement of income and if on such basis, he has exercised his powers u/s 147, 148 of the Income Tax Act, 1961, no fault can be found. - HC
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