Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
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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.
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