Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Validity of Reopening of assessment - “tangible material” as may ever give rise to a “reason to believe" - Reliance on the Report of the Justice M.B. Shah Commission - The High Codurt observed that the assessing authority primarily based its action on the report, which did not provide a definitive finding but only a possibility of under-invoicing. The court held that this did not constitute "tangible material" required to form a "reason to believe". Consequently, the reassessment notice was deemed invalid as it was founded on speculative assumptions rather than hard evidence.
Validity of Reopening of assessment - “tangible material” as may ever give rise to a “reason to believe" - Reliance on the Report of the Justice M.B. Shah Commission - The High Codurt observed that the assessing authority primarily based its action on the report, which did not provide a definitive finding but only a possibility of under-invoicing. The court held that this did not constitute "tangible material" required to form a "reason to believe". Consequently, the reassessment notice was deemed invalid as it was founded on speculative assumptions rather than hard evidence.
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