Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Reopening of assessment - reason to believe - onus to prove - The High court noted that reassessment beyond four years from the end of the relevant assessment year is permissible only if there is a failure by the taxpayer to disclose fully and truly all material facts necessary for assessment. - The court observed that the petitioner had disclosed all primary facts related to the waiver of loans in the original assessment proceedings. It was emphasized that the production of account books or other evidence does not necessarily amount to full disclosure as required by law. - As such, the reassessment was deemed to be based on a change of opinion, which is not a valid ground for reopening an assessment under the relevant sections of the Act.
Reopening of assessment - reason to believe - onus to prove - The High court noted that reassessment beyond four years from the end of the relevant assessment year is permissible only if there is a failure by the taxpayer to disclose fully and truly all material facts necessary for assessment. - The court observed that the petitioner had disclosed all primary facts related to the waiver of loans in the original assessment proceedings. It was emphasized that the production of account books or other evidence does not necessarily amount to full disclosure as required by law. - As such, the reassessment was deemed to be based on a change of opinion, which is not a valid ground for reopening an assessment under the relevant sections of the Act.
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