Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Reopening of assessment u/s 147 - excessive share premium - The High Court observed that, the reopening of an assessment requires a valid "reason to believe" based on new tangible material, not merely a change of opinion or directives from higher authorities. Additionally, share premium received on issuance of fresh shares is considered a capital receipt, not income, and thus not taxable under the Act for the assessment year in question.
Reopening of assessment u/s 147 - excessive share premium - The High Court observed that, the reopening of an assessment requires a valid "reason to believe" based on new tangible material, not merely a change of opinion or directives from higher authorities. Additionally, share premium received on issuance of fresh shares is considered a capital receipt, not income, and thus not taxable under the Act for the assessment year in question.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
