Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
Scientific research institution approval is conditional on SIRO recognition, annual donation reporting, donor certification, and prescribed compliance...
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 4879 
