Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
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Reopening of assessment u/s 147 - Reasons to believe - The ITAT thoroughly examined the reasons recorded by the AO for re-opening the assessment and found that there was no new or tangible material available to justify the re-opening. It was established that the AO had already examined and allowed the assessee's claim of deduction under Section 80IB(10) during the original assessment proceedings after due application of mind. The Tribunal concluded that the re-opening of the assessment was solely based on a re-appraisal of the same material available during the original assessment, amounting to a review of the decision taken earlier, which is legally impermissible.
Reopening of assessment u/s 147 - Reasons to believe - The ITAT thoroughly examined the reasons recorded by the AO for re-opening the assessment and found that there was no new or tangible material available to justify the re-opening. It was established that the AO had already examined and allowed the assessee's claim of deduction under Section 80IB(10) during the original assessment proceedings after due application of mind. The Tribunal concluded that the re-opening of the assessment was solely based on a re-appraisal of the same material available during the original assessment, amounting to a review of the decision taken earlier, which is legally impermissible.
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