Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
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The High Court held that the reopening of the assessment based on a subsequent judgment that the transaction in question was amenable to tax was impermissible. Once an assessment has become final, it cannot be reopened on the basis of a subsequent judgment of the Supreme Court. The department cannot reopen an assessment that stood closed based on the law prevailing at the relevant time. The reassessment initiated on the basis of a subsequent judgment was rendered a colourable exercise of power and without jurisdiction.
The High Court held that the reopening of the assessment based on a subsequent judgment that the transaction in question was amenable to tax was impermissible. Once an assessment has become final, it cannot be reopened on the basis of a subsequent judgment of the Supreme Court. The department cannot reopen an assessment that stood closed based on the law prevailing at the relevant time. The reassessment initiated on the basis of a subsequent judgment was rendered a colourable exercise of power and without jurisdiction.
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