Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
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Reassessment proceedings initiated u/ss 148/148A were held invalid as the fundamental premise of the Revenue that investments made by the Foreign Portfolio Investor in shares amounted to "income" escaping assessment was flawed. The funds remitted in India were used for subscription in securities, a Capital Account Transaction, and no income was earned in the relevant Assessment Year. The discrepancy in share prices was not mentioned in the notice u/s 148A(b), violating principles of natural justice as the assessee did not get an adequate opportunity to reply. The foundational material alone is relevant for evaluating the invocation of reassessment powers, and the Revenue cannot raise fresh grounds while passing the order u/s 148A(d). The reasons recorded for issuing the notice u/s 148 were unsustainable, and the impugned notices and consequential order were quashed.
Reassessment proceedings initiated u/ss 148/148A were held invalid as the fundamental premise of the Revenue that investments made by the Foreign Portfolio Investor in shares amounted to "income" escaping assessment was flawed. The funds remitted in India were used for subscription in securities, a Capital Account Transaction, and no income was earned in the relevant Assessment Year. The discrepancy in share prices was not mentioned in the notice u/s 148A(b), violating principles of natural justice as the assessee did not get an adequate opportunity to reply. The foundational material alone is relevant for evaluating the invocation of reassessment powers, and the Revenue cannot raise fresh grounds while passing the order u/s 148A(d). The reasons recorded for issuing the notice u/s 148 were unsustainable, and the impugned notices and consequential order were quashed.
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