Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
Rectification of mistake u/s 154 - limited scrutiny of “Agricultural Income” - The High Court deliberated on the challenge to an Impugned Notice issued u/s 154 - It examined the contentions of both parties regarding the jurisdiction of the Assessing Officer and the scope of rectification u/s 154. Finding that certain issues raised in the notice were not addressed in the original Assessment Order, the Court affirmed the jurisdiction of the Assessing Officer to rectify such errors. It emphasized that the power to rectify extends to mistakes of fact or law apparent from the record. Ultimately, the Court dismissed the writ petition, upholding the validity of the Impugned Notice and allowing for further proceedings.
Rectification of mistake u/s 154 - limited scrutiny of “Agricultural Income” - The High Court deliberated on the challenge to an Impugned Notice issued u/s 154 - It examined the contentions of both parties regarding the jurisdiction of the Assessing Officer and the scope of rectification u/s 154. Finding that certain issues raised in the notice were not addressed in the original Assessment Order, the Court affirmed the jurisdiction of the Assessing Officer to rectify such errors. It emphasized that the power to rectify extends to mistakes of fact or law apparent from the record. Ultimately, the Court dismissed the writ petition, upholding the validity of the Impugned Notice and allowing for further proceedings.
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