Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Scope of SCN - Refund claim - Unutilised Input Tax Credit (ITC) - applicability of principle of res judicata - Adherence to the Accounting Standards or not - Specific goods have not been capitalised by the Petitioner in accordance with Accounting Standard 10. - The Court found merit in the Company's contention that the tax authorities' approach lacked consistency. It emphasized the importance of uniform treatment for similar factual and legal circumstances, highlighting that the arbitrary withholding of refunds for the disputed periods was unjustified.
Scope of SCN - Refund claim - Unutilised Input Tax Credit (ITC) - applicability of principle of res judicata - Adherence to the Accounting Standards or not - Specific goods have not been capitalised by the Petitioner in accordance with Accounting Standard 10. - The Court found merit in the Company's contention that the tax authorities' approach lacked consistency. It emphasized the importance of uniform treatment for similar factual and legal circumstances, highlighting that the arbitrary withholding of refunds for the disputed periods was unjustified.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
