Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Validity of reopening u/s 147 r.w.s. 148 - The Tribunal found that the reasons recorded by the Assessing Officer (AO) for reopening the assessment under section 147/148 were based on incorrect assumptions and information. Specifically, the AO erroneously believed that the assessee, an individual, had entered into a transaction of sale of immovable property, whereas the transaction was actually between two partnership firms. - The Tribunal noted that the AO should have issued a notice to the partnership firm involved instead of the individual assessee. - Consequently, entire proceedings u/s. 148 is held to be invalid.
Validity of reopening u/s 147 r.w.s. 148 - The Tribunal found that the reasons recorded by the Assessing Officer (AO) for reopening the assessment under section 147/148 were based on incorrect assumptions and information. Specifically, the AO erroneously believed that the assessee, an individual, had entered into a transaction of sale of immovable property, whereas the transaction was actually between two partnership firms. - The Tribunal noted that the AO should have issued a notice to the partnership firm involved instead of the individual assessee. - Consequently, entire proceedings u/s. 148 is held to be invalid.
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