Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
Self-assessed import entries remain appealable, while bona fide classification disputes without misdeclaration cannot justify confiscation or penaltie...
Page of 4894
Press 'Enter' after typing page number.
641 to 660 of 97867 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
