Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Reopening of assessment - reason to believe or reason to suspect - The ITAT examined the "reasons recorded" by the AO for reopening the assessment. It noted that the AO relied on the information provided by the SEBI order, which alleged manipulative trading practices by certain entities, including the director of the assessee company. However, the court observed that the name of the assessee company itself was not listed among the entities restrained by SEBI. - The Tribunal emphasized that for the reopening of an assessment, the AO must have "reasons to believe" that income has escaped assessment, not merely "reasons to suspect." It found that the information provided by the SEBI order could only trigger "reasons to suspect" and did not meet the legal requirement for reopening.
Reopening of assessment - reason to believe or reason to suspect - The ITAT examined the "reasons recorded" by the AO for reopening the assessment. It noted that the AO relied on the information provided by the SEBI order, which alleged manipulative trading practices by certain entities, including the director of the assessee company. However, the court observed that the name of the assessee company itself was not listed among the entities restrained by SEBI. - The Tribunal emphasized that for the reopening of an assessment, the AO must have "reasons to believe" that income has escaped assessment, not merely "reasons to suspect." It found that the information provided by the SEBI order could only trigger "reasons to suspect" and did not meet the legal requirement for reopening.
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