Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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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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