Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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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