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 - shares were transferred by way of a gift - The petitioner argued that the transfer of shares as a gift did not attract capital gains tax liability and that there was no valid reason to believe income had escaped assessment. In this case, Section 45 read with Section 47 read with Section 48 of the Act makes it clear that the AO could not have any tangible material to form a belief that income has escaped assessment. - The court upheld the petitioner's arguments, ruling that the notice lacked validity due to the absence of tangible material supporting income escapement and confirming that the transfer of shares as a gift did not incur capital gains tax liability.
Reopening of assessment - shares were transferred by way of a gift - The petitioner argued that the transfer of shares as a gift did not attract capital gains tax liability and that there was no valid reason to believe income had escaped assessment. In this case, Section 45 read with Section 47 read with Section 48 of the Act makes it clear that the AO could not have any tangible material to form a belief that income has escaped assessment. - The court upheld the petitioner's arguments, ruling that the notice lacked validity due to the absence of tangible material supporting income escapement and confirming that the transfer of shares as a gift did not incur capital gains tax liability.
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TaxTMI 
TaxTMI 
