Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Reopening of assessment u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not disclose any income escaping assessment as the effect of loss and profit was nil. No information showed assessee earned any income not offered to tax. No correlation was established between assessee's transactions resulting in equal loss and profit and observations of Apex Court or SEBI order on manipulative reversal trades. Merely referring to Apex Court order and SEBI observations without co-relating assessee's identical loss and profit contracts was insufficient to conclude income escaped assessment. No effect on assessee's income due to F&O loss and profit. Reasons recorded cannot be said to form reason to believe income escaped assessment for assuming jurisdiction u/s 148 to reopen assessment for the year. Decided in favor of assessee.
Reopening of assessment u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not disclose any income escaping assessment as the effect of loss and profit was nil. No information showed assessee earned any income not offered to tax. No correlation was established between assessee's transactions resulting in equal loss and profit and observations of Apex Court or SEBI order on manipulative reversal trades. Merely referring to Apex Court order and SEBI observations without co-relating assessee's identical loss and profit contracts was insufficient to conclude income escaped assessment. No effect on assessee's income due to F&O loss and profit. Reasons recorded cannot be said to form reason to believe income escaped assessment for assuming jurisdiction u/s 148 to reopen assessment for the year. Decided in favor of assessee.
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