Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Validity of Reopening of assessment u/s 147 - entitlement to exemption u/s 54F - The High Court examines Section 54F of the Act and concludes that the reassessment is based on a mere change of opinion, as the same facts were considered in previous assessments without disallowing the exemption under Section 54F.- Referring to the decision in Calcutta Discount Company Ltd. vs. Income Tax Officer, the Court holds that the petitioner is entitled to relief under Article 226 of the Constitution due to lack of jurisdiction by the Assessing Officer.
Validity of Reopening of assessment u/s 147 - entitlement to exemption u/s 54F - The High Court examines Section 54F of the Act and concludes that the reassessment is based on a mere change of opinion, as the same facts were considered in previous assessments without disallowing the exemption under Section 54F.- Referring to the decision in Calcutta Discount Company Ltd. vs. Income Tax Officer, the Court holds that the petitioner is entitled to relief under Article 226 of the Constitution due to lack of jurisdiction by the Assessing Officer.
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