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...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
The case before the Allahabad High Court involved the validity of reassessment proceedings initiated by the assessing authority based on information that the purchaser did not exist. The court held that the decision to initiate reassessment was based on relevant information and the suggestion of income escapement. The non-existence of the purchaser was supported by the purchaser's lack of response to notices and statements from a third party. The court noted that the existence of the purchaser company on the MCA portal was not a mandatory condition for reassessment. The court emphasized that the assessing officer's decision to initiate reassessment was based on the information received and the suggestion of income escapement, rather than a strict "reason to believe" requirement. The court dismissed the writ petition, allowing the assessment proceedings to continue in accordance with the law.
The case before the Allahabad High Court involved the validity of reassessment proceedings initiated by the assessing authority based on information that the purchaser did not exist. The court held that the decision to initiate reassessment was based on relevant information and the suggestion of income escapement. The non-existence of the purchaser was supported by the purchaser's lack of response to notices and statements from a third party. The court noted that the existence of the purchaser company on the MCA portal was not a mandatory condition for reassessment. The court emphasized that the assessing officer's decision to initiate reassessment was based on the information received and the suggestion of income escapement, rather than a strict "reason to believe" requirement. The court dismissed the writ petition, allowing the assessment proceedings to continue in accordance with the law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
