Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
The case involves the validity of reopening of assessment u/s 147/148 based on reasons to believe, where the head of income was changed from business to income from other sources due to poor quality material in sub-contract execution. The Appellate Tribunal held that no fresh information was available to the Assessing Officer (AO) at the time of recording reasons for reopening, rendering the reassessment a mere change of opinion. The law requires reasons for reopening to be based on new information not previously considered. The Tribunal cited legal precedents to support this principle. The AO's reliance on post-survey inquiries by the same AO was deemed insufficient for reopening. The Tribunal found no basis for escapement of income without quantifying the alleged tax evasion. The assessment under section 147 was deemed illegal and quashed in favor of the assessee.
The case involves the validity of reopening of assessment u/s 147/148 based on reasons to believe, where the head of income was changed from business to income from other sources due to poor quality material in sub-contract execution. The Appellate Tribunal held that no fresh information was available to the Assessing Officer (AO) at the time of recording reasons for reopening, rendering the reassessment a mere change of opinion. The law requires reasons for reopening to be based on new information not previously considered. The Tribunal cited legal precedents to support this principle. The AO's reliance on post-survey inquiries by the same AO was deemed insufficient for reopening. The Tribunal found no basis for escapement of income without quantifying the alleged tax evasion. The assessment under section 147 was deemed illegal and quashed in favor of the assessee.
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