Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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