Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Validity of assessment passed u/s 153A pursuant to search and seizure - The High Court has observed and held that, the assessee’s assessment for the relevant year stood completed as on 06.06.2003 long before the search and consequent proceeding initiated u/s 153A and there is no question arising of the relevant assessment to abate under the second proviso to Section 153A. - Tribunal was perfectly within the statutory framework, in making a remand directing the AO to carry out re-assessment of the assessment year 2002-03, which stood completed as on the date of initiation of Section 153A proceedings, if some incriminating material seized during the search is available.
Validity of assessment passed u/s 153A pursuant to search and seizure - The High Court has observed and held that, the assessee’s assessment for the relevant year stood completed as on 06.06.2003 long before the search and consequent proceeding initiated u/s 153A and there is no question arising of the relevant assessment to abate under the second proviso to Section 153A. - Tribunal was perfectly within the statutory framework, in making a remand directing the AO to carry out re-assessment of the assessment year 2002-03, which stood completed as on the date of initiation of Section 153A proceedings, if some incriminating material seized during the search is available.
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