Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Introduction of block assessment provisions in cases of search u/s 132 and requisition u/s 132A for early finalization of search assessments, coordinated investigation, and reduction in multiplicity of proceedings. Block period consisting of previous years relevant to six assessment years preceding the previous year of search/requisition and period starting from 1st April of previous year of search/requisition till date of execution of last authorization. Regular assessments for block period to abate with one consolidated assessment. Assessment of total income including undisclosed income based on evidence found during search/requisition. Tax at 60% for block period without interest/penalty u/ss 234A/B/C and 270A. Penalty at 50% of tax payable on undisclosed income, nil if offered in return. Time limit of 12 months for block assessment, exclusion of 6 months from date of search to handing over of material. Evidence relating to international/specified domestic transactions after date of last authorization not considered for block period. Approval of higher authority required for notice/order. Section 144C not applicable.
Introduction of block assessment provisions in cases of search u/s 132 and requisition u/s 132A for early finalization of search assessments, coordinated investigation, and reduction in multiplicity of proceedings. Block period consisting of previous years relevant to six assessment years preceding the previous year of search/requisition and period starting from 1st April of previous year of search/requisition till date of execution of last authorization. Regular assessments for block period to abate with one consolidated assessment. Assessment of total income including undisclosed income based on evidence found during search/requisition. Tax at 60% for block period without interest/penalty u/ss 234A/B/C and 270A. Penalty at 50% of tax payable on undisclosed income, nil if offered in return. Time limit of 12 months for block assessment, exclusion of 6 months from date of search to handing over of material. Evidence relating to international/specified domestic transactions after date of last authorization not considered for block period. Approval of higher authority required for notice/order. Section 144C not applicable.
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