Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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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