Commission expenditure linked to pharmaceutical marketing income qualifies as business deduction when recipient identity, genuineness and business pur...
Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
Validity of reopening of assessment u/s 147 r.w.s. 148A(b) - Petitioner claimed that despite certain transactions being booked under the PAN of erstwhile company (amalgamated company) due to an error, they had correctly considered all transactions in their return. - The court found merit in the petitioner's contention regarding the lack of proper application of mind in granting approval under Section 151. They observed discrepancies in the approval process, indicating a failure to review the request and draft order adequately. Consequently, the court deemed it appropriate to quash the order under Section 148A(d) of the Act and the consequent notice issued under Section 148.
Validity of reopening of assessment u/s 147 r.w.s. 148A(b) - Petitioner claimed that despite certain transactions being booked under the PAN of erstwhile company (amalgamated company) due to an error, they had correctly considered all transactions in their return. - The court found merit in the petitioner's contention regarding the lack of proper application of mind in granting approval under Section 151. They observed discrepancies in the approval process, indicating a failure to review the request and draft order adequately. Consequently, the court deemed it appropriate to quash the order under Section 148A(d) of the Act and the consequent notice issued under Section 148.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
