Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Limitation in customs appeals permits exclusion for bona fide refund proceedings, enabling restoration of Bill of Entry assessment challenges on merit...
Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
Reopening of assessment u/s 147 - Reasons to believe - The High Court examined the submissions and found that the notice for reopening the assessment lacked jurisdiction. It noted that the reasons for reopening were not based on any fresh material but were already considered during the regular assessment process. Additionally, the Court highlighted that reopening the assessment solely on the basis of audit party objections was invalid. Moreover, the Court agreed with the petitioner's argument regarding the applicability of MAT provisions, stating that even if there were additions to income under normal provisions, it would not impact the MAT computation significantly. Therefore, the Court concluded that there was no escapement of income under normal provisions.
Reopening of assessment u/s 147 - Reasons to believe - The High Court examined the submissions and found that the notice for reopening the assessment lacked jurisdiction. It noted that the reasons for reopening were not based on any fresh material but were already considered during the regular assessment process. Additionally, the Court highlighted that reopening the assessment solely on the basis of audit party objections was invalid. Moreover, the Court agreed with the petitioner's argument regarding the applicability of MAT provisions, stating that even if there were additions to income under normal provisions, it would not impact the MAT computation significantly. Therefore, the Court concluded that there was no escapement of income under normal provisions.
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