Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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Reopening of assessment - reasons for re-opening within or beyond 4 years - reasons to believe - The court specifically pointed out that the information used from the DRI and the Shah Commission reports was not adequately scrutinized independently by the assessing officers to form a reasonable belief of tax evasion. The court noted that the decision of the Supreme Court, which found mining leases post-2007 to be illegal, could not retroactively make previous business activities illegal for tax purposes. The court emphasized that such interpretations were not known or could not have been known by the taxpayers at the time of filing their returns.
Reopening of assessment - reasons for re-opening within or beyond 4 years - reasons to believe - The court specifically pointed out that the information used from the DRI and the Shah Commission reports was not adequately scrutinized independently by the assessing officers to form a reasonable belief of tax evasion. The court noted that the decision of the Supreme Court, which found mining leases post-2007 to be illegal, could not retroactively make previous business activities illegal for tax purposes. The court emphasized that such interpretations were not known or could not have been known by the taxpayers at the time of filing their returns.
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